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Feb. 7, 2013 – The House Ways and Means Committee is set to hold a hearing Feb. 14 on the deduction for charitable contributions in connection with its work on comprehensive tax reform.

NAFCU is closely following the panel's work as it seeks to ensure preservation of credit unions' tax-exempt status – the association's top priority.

Last month, Ways and Means Chairman Dave Camp, R-Mich., released a "discussion draft

" that focuses on tax treatment of complex financial instruments. The committee says the Feb. 14 hearing will include testimony from witnesses on previous proposals to alter the charitable contributions deduction.

• "Camp drafts tax bill on financial products," 1/25
• NAFCU issue page, CU tax exemption