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September 10, 2013
King pledges support for CU tax exemption
Sept. 11, 2013 – Rep. Peter King, R-N.Y., thanked credit unions during NAFCU's Congressional Caucus Tuesday for supporting the economy in his home district and pledged continued efforts to win action on supplemental capital legislation and to preserve credit union's federal tax exemption.
King is the chief sponsor of H.R. 719, legislation that would further a key element of NAFCU's five-point plan for regulatory relief by permitting access to supplemental capital for credit unions that are being artificially constrained in operations by the triggers of prompt corrective action.
Speaking before a NAFCU Political Administrative Fund breakfast, King said several fiscal issues loom for Congress – the debt ceiling (expected to hit around mid-October), funding of fiscal 2015 government operations, sequestration. Added to the mix is the situation in Syria, he noted, and that remains fluid.
King said action appears imminent on a continuing resolution, which would keep federal government operations running past Sept. 30, the end of the current fiscal year. He said he expects an effort to defund the Affordable Care Act through the C.R. but added that, although he opposes ACA, he also doesn't support addressing it "through the back door."
He said as negotiations proceed on these and other issues, he intends to work to "make sure nothing is done to damage you." He pledged to "fight as hard as I can to ensure no federal corporate income tax is imposed" on credit unions.
King is the chief sponsor of H.R. 719, legislation that would further a key element of NAFCU's five-point plan for regulatory relief by permitting access to supplemental capital for credit unions that are being artificially constrained in operations by the triggers of prompt corrective action.
Speaking before a NAFCU Political Administrative Fund breakfast, King said several fiscal issues loom for Congress – the debt ceiling (expected to hit around mid-October), funding of fiscal 2015 government operations, sequestration. Added to the mix is the situation in Syria, he noted, and that remains fluid.
King said action appears imminent on a continuing resolution, which would keep federal government operations running past Sept. 30, the end of the current fiscal year. He said he expects an effort to defund the Affordable Care Act through the C.R. but added that, although he opposes ACA, he also doesn't support addressing it "through the back door."
He said as negotiations proceed on these and other issues, he intends to work to "make sure nothing is done to damage you." He pledged to "fight as hard as I can to ensure no federal corporate income tax is imposed" on credit unions.
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