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The House Ways and Means Committee announced the formation of 11 working groups on tax reform Thursday, and credit unions' federal corporate income tax exemption could be addressed by at least two of these.

The two groups NAFCU has identified as potential venues for discussion of credit-union-related tax matters are the Charitable/Exempt Organizations Working Group, led by Rep. David Reichert, R-Wash., and John Lewis, D-Ga.; and the Financial Services Working Group, led by Reps. Adrian Smith, R-Neb., and John Larson, D-Conn.

NAFCU lobbyists are in contact with committee members and their staffs to learn more about any potential impact on credit unions. NAFCU is working with preservation of the credit union tax exemption as its top priority in 2013.

There are 11 Ways and Means tax working groups in all. Each group will review current law in its assigned area and identify, research and collect feedback from stakeholders, academics and think tanks, practitioners, the general public and House members. The research and findings of these groups will be compiled into a single report by the Joint Committee on Taxation, to be delivered back to Ways and Means by April 15.

Today, the House Ways and Means Committee will hold a hearing on charitable/exempt organizations today as part of its broader work on tax reform.

• NAFCU study of the CU tax exemption