Larson supports CUs’ tax-exempt status
Sept. 20, 2013 – A senior member of the House Ways and Means Committee, Rep. John Larson, D-Conn., is among the latest members of Congress to step up and publicly declare support for preserving credit unions’ federal income tax exemption.
Larson was the Democratic co-chair of the Ways and Means Financial Services Working group. NAFCU met with the working group earlier this year to discuss the value of the credit union tax exemption to American consumers.
In a quote provided to the press and NAFCU, Larson said: “Credit unions are, by their very nature, a key part of the communities they serve. As institutions owned by and for their members, credit unions stepped up in the aftermath of the financial crisis and throughout our economic recovery to help the communities they serve through challenging times. Credit unions are an important source of capital for our communities, and that’s why I have consistently supported protecting their tax-exempt status in the past and will continue to do so moving forward.”
On Wednesday, House Ways and Means Chairman David Camp, R-Mich., met with Ways and Means Republicans to talk about tax reform efforts in conjunction with the debt ceiling. And, while NAFCU continues to be proactive in ensuring the credit union tax exemption remains intact moving forward, lawmakers on both sides of the aisle continue to reiterate their support for credit unions and the tax exemption.
NAFCU is continuing to press and educate lawmakers on the value of the credit union tax exemption to the U.S. economy and urges credit unions to keep up similar discussions with their members of Congress. The economic benefits of the exemption are detailed in the economic study on the exemption, released by NAFCU last year.
NAFCU economic study of the CU tax exemption