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The credit union tax exemption remains safe after another day of mark-up in the Senate Finance Committee. NAFCU is actively engaged on Capitol Hill, monitoring proposed amendments to ensure none change credit unions' tax status and to determine potential impacts the legislation could have on credit unions through other tax code provisions.

A number of amendments have been filed by Senate Finance Committee members, but none directly impact the credit union tax status. The committee will resume its mark-up at 10 a.m. Eastern today.

Committee Chairman Orrin Hatch, R-Utah, released an updated chairman's mark on the bill late Tuesday night in order to bring the Senate's Tax Cuts and Jobs Act into alignment with submitted amendments, including striking changes to excessive executive compensation provisions.

Hatch's revised mark also included the repeal of the Affordable Care Act's individual mandate, which is likely to complicate the Senate's process to pass the legislation. The tax reform bill is being moved through the reconciliation process, which requires only a simple majority to pass; however, a few Republican senators are unlikely to support the bill with the individual mandate repeal included.

NAFCU President and CEO Dan Berger, in a letter sent to Hatch Monday, touted the positive impact credit unions and their tax-exempt status have on the nation's economy and urged Hatch to oppose any amendments that try to eliminate the exemption.

The full House started floor debate on its version on Wednesday and is expected to take a final vote on its version of the tax package today. The full Senate is expected to vote on its version of the bill the week after Thanksgiving. As the two chambers have different versions of the tax bill, they will have to reconcile the legislative differences through a conference committee.

Preserving credit unions' tax exemption remains NAFCU's top legislative priority.