Newsroom
October 20, 2017
Congress takes procedural step on path to tax reform; NAFCU remains vigilant
Congress is one step closer to its tax reform goal as the Senate last week passed a fiscal 2018 budget resolution by a 51-49 vote. The House is expected to consider the Senate's version of the measure this week.
Passage of the budget resolution will enable Republicans to pass a tax reform bill via the reconciliation process, which will allow the package to pass with a simple majority in the House and Senate. This means no bipartisan Democratic support would be needed to enact tax reform.
House Ways and Means Committee Chairman Kevin Brady, R-Texas, is expected to release a draft tax bill after the work on this budget resolution is completed – likely by early November – and move to a mark-up in the House Ways and Means Committee shortly thereafter. Congress is still looking to pass a tax reform bill by the end of the year.
While the credit union tax exemption has not been targeted in tax reform, the association is remaining vigilant. Credit unions are encouraged to continue reaching out to their representatives and senators to reiterate the importance of the tax exemption to their members, consumers and the economy as a whole. NAFCU's Grassroots Action Center has more details.
Passage of the budget resolution will enable Republicans to pass a tax reform bill via the reconciliation process, which will allow the package to pass with a simple majority in the House and Senate. This means no bipartisan Democratic support would be needed to enact tax reform.
House Ways and Means Committee Chairman Kevin Brady, R-Texas, is expected to release a draft tax bill after the work on this budget resolution is completed – likely by early November – and move to a mark-up in the House Ways and Means Committee shortly thereafter. Congress is still looking to pass a tax reform bill by the end of the year.
While the credit union tax exemption has not been targeted in tax reform, the association is remaining vigilant. Credit unions are encouraged to continue reaching out to their representatives and senators to reiterate the importance of the tax exemption to their members, consumers and the economy as a whole. NAFCU's Grassroots Action Center has more details.
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