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May 16, 2013 – NAFCU lobbyists are on Capitol Hill working to protect credit unions' federal tax exemption as Congress proceeds with debate on issues for broad tax reform.

The House Ways and Means Committee continued its look at reform issues Wednesday in a hearing that focused on small-business and pass-through entity tax reform. The panel focused on a discussion draft that will be incorporated later into a larger reform package.

The Senate Finance Committee also released a 15-page paper that explores various policy options related to tax expenditures. The credit union tax exemption – by definition, a federal tax expenditure – is not targeted in that document.

NAFCU is keeping preservation of the credit union tax exemption as its top priority. The association is touting the value of the credit union exemption as illustrated in an economic study of the exemption released by the association last September. According to that study, the credit union exemption results in $10 billion in economic benefits, annually, for all Americans.

NAFCU is encouraging credit unions to download the study and discuss its findings with their senators and representatives.