Newsroom
June 25, 2016
Brady announces tax plan blueprint; no CU mention
House Ways and Means Committee Chairman Kevin Brady, R-Texas, on Friday released a blueprint of a tax plan aimed at simplification, fairness and global modernization. For now, lawmakers continue to indicate no interest in altering credit unions' federal tax exemption.
"NAFCU looks forward to working with Chairman Brady and the committee to ensure lawmakers continue to know and appreciate the value credit unions bring to the nation's economy as this plan unfolds," said NAFCU President and CEO Dan Berger.
Brady says his tax plan blueprint achieves three goals: fuel job creation, simplify the tax code and transform the IRS. The plan does not specifically mention credit unions, but does note that the committee "will work to develop special rules with respect to interest expense for financial services companies, such as banks, insurance, and leasing, that will take into account the role of interest income and interest expense in their business models."
In February, House Speaker Paul Ryan, R-Wis., announced the creation of six committee-led task forces to address national security, jobs and the economy, health care, poverty and "restoring constitution authority," among other issues.
NAFCU remains vigilant in its focus on preserving credit unions' tax exemption as talks of tax reform resurface in Congress.
"NAFCU looks forward to working with Chairman Brady and the committee to ensure lawmakers continue to know and appreciate the value credit unions bring to the nation's economy as this plan unfolds," said NAFCU President and CEO Dan Berger.
Brady says his tax plan blueprint achieves three goals: fuel job creation, simplify the tax code and transform the IRS. The plan does not specifically mention credit unions, but does note that the committee "will work to develop special rules with respect to interest expense for financial services companies, such as banks, insurance, and leasing, that will take into account the role of interest income and interest expense in their business models."
In February, House Speaker Paul Ryan, R-Wis., announced the creation of six committee-led task forces to address national security, jobs and the economy, health care, poverty and "restoring constitution authority," among other issues.
NAFCU remains vigilant in its focus on preserving credit unions' tax exemption as talks of tax reform resurface in Congress.
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