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October 19, 2016
Brady pushing for tax reform in 2017
House Ways and Means Chairman Kevin Brady, R-Texas, reportedly plans to move forward next year on tax reform legislation that will be based on a blueprint released by House Republicans this summer. As released, the blueprint made no mention of credit unions' federal tax exemption.
A chief tax counsel for Brady stated his plans during a panel discussion at the Tax Executives Institute conference in Philadelphia, The Hill reported.
The tax plan blueprint, under the House Republican's "Better Way" policy platform, is meant to achieve three goals: fuel job creation, simplify the tax code and transform the IRS. The plan does not specifically mention credit unions. However, it 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."
Brady offered an overview of the "Better Way" tax blueprint during NAFCU's Congressional Caucus last month.
NAFCU remains vigilant in its focus on preserving credit unions' tax exemption as talks of tax reform resurface in the next Congress.
A chief tax counsel for Brady stated his plans during a panel discussion at the Tax Executives Institute conference in Philadelphia, The Hill reported.
The tax plan blueprint, under the House Republican's "Better Way" policy platform, is meant to achieve three goals: fuel job creation, simplify the tax code and transform the IRS. The plan does not specifically mention credit unions. However, it 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."
Brady offered an overview of the "Better Way" tax blueprint during NAFCU's Congressional Caucus last month.
NAFCU remains vigilant in its focus on preserving credit unions' tax exemption as talks of tax reform resurface in the next Congress.
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