Scott pledges to protect CUs' tax status
Rep. Tim Scott (Dietsch photo)
Sept. 11, 2013 – Sen. Tim Scott, R-S.C., a member of the Senate Small Business Committee and Commerce Committee, told credit union attendees of his commitment to their tax-exempt status during NAFCU’s Congressional Caucus on Tuesday.
“Credit unions have enjoyed the benefit of a tax exemption because you do what others don’t do,” he said. “You go into communities and make relationships with people that others don’t make.”
Scott highlighted his seven years serving on the Charleston, South Carolina-based Heritage Trust Federal Credit Union board before becoming a lawmaker. “I believe, like you do, in my community,” he told credit union attendees. He said the fact that credit unions provide 7 percent of new-home loans today speaks to the prosperity credit unions bring to families and communities.
He noted the Senate’s mission to reform the tax code. “As we struggle through tax reform, we find that we are ill-equipped for the job,” he said. Earlier this summer, Senate Banking Committee Chairman Max Baucus, D-Mont., asked senators to submit their ideas for tax reform and specify which tax exemptions should be saved. “I’ve decided to protect our credit union tax status with my voting record,” Scott said.
Scott also noted support for a measure that would advance an element of NAFCU’s five-point plan for credit union regulatory relief: legislation to raise the member business lending cap to 27.5 percent. “Access to credit is an important ingredient for family businesses to succeed.”
NAFCU's five-point plan for regulatory relief
NAFCU's Congressional Caucus
CU tax exemption