Newsroom
October 29, 2014
Lame-duck Congress could eye tax extenders
NAFCU's legislative affairs team is monitoring the status of package of business and individual tax provisions known as "tax extenders" that have expired but could be revived, at least in part, when Congress returns for its lame-duck session in November.
The extenders expired at the end of 2013, but lawmakers could come back after the midterm elections to approve a package retroactive to fiscal 2014 and continuing through fiscal 2015, NAFCU lobbyists note.
The package makes no changes to any provisions that directly impact credit unions, but it could benefit some credit union members. The package includes more than 50 deductions and credits, including tax breaks for mortgage insurance premiums and a tax break for underwater homeowners who received principal forgiveness mortgage modifications.
Preserving the credit union corporate tax exemption remains NAFCU's top priority during the upcoming legislative session and as the new Congress begins in January. NAFCU will continue to monitor progress for the extenders package for any impact on credit unions.
The extenders expired at the end of 2013, but lawmakers could come back after the midterm elections to approve a package retroactive to fiscal 2014 and continuing through fiscal 2015, NAFCU lobbyists note.
The package makes no changes to any provisions that directly impact credit unions, but it could benefit some credit union members. The package includes more than 50 deductions and credits, including tax breaks for mortgage insurance premiums and a tax break for underwater homeowners who received principal forgiveness mortgage modifications.
Preserving the credit union corporate tax exemption remains NAFCU's top priority during the upcoming legislative session and as the new Congress begins in January. NAFCU will continue to monitor progress for the extenders package for any impact on credit unions.
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