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Credit union trade groups continued to pressure House members Friday as a bill that might or might not propose eliminating their federal tax exemption nears the day for committee consideration.
America’s Credit Unions (AmCU) said on its website Friday that “reports indicate the House Ways and Means Committee will mark up its tax bill Tuesday, May 13, with the committee expected to release the full draft bill text no later than the day before.”
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However, the calendar on the House Ways and Means Committee website showed no meetings or markups for the entire month of May as of noon ET Friday.
AmCU said it wants the Republican-controlled committee to keep the tax exemption by not having its demise included as a way to pay for the extension of President Trump’s tax cuts.
“The committee’s portion of the budget reconciliation will contain all matters related to tax, and America’s Credit Unions continues to urge stakeholders to tell members, ‘don’t tax my credit union,’ as the drafting process enters its final stages,” AmCU said.
AmCU on Tuesday posted a 26-second video on YouTube with Karyn Davis, president/CEO of UP Arkansas Federal Credit Union of North Little Rock ($33.5 million in assets, 2,890 members), stating what losing the tax status might mean for members.
“There are neighborhoods and communities that would lose their financial services because their credit union couldn't handle that tax,” Davis said in the video. “A tax on our credit union is a tax on our members and it harms our communities.”
On Thursday, representatives of AmCU and Truliant Federal Credit Union of Winston Salem, N.C. ($5.2 billion in assets, 337,374 members) met with Rep. Tim Moore (R-N.C.), who is a member of the House Budget Committee.
AmCU and Luminate-Louisiana’s Credit Unions President/CEO Juan Fernandez Ceballos met with staff of Rep. Cleo Fields (D-La.), following meetings earlier this week with Speaker of the House Mike Johnson (R-La.) and House Majority Leader Steve Scalise (R-La.) to highlight the potential impact a new tax would have on Louisiana’s credit union members.
Contact Jim DuPlessis at [email protected].
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
