Credit Union Tax Exemption
Maintaining the credit union tax exemption is essential not only for credit unions and their members, but for our nation's economy.
Preserving the credit union tax exemption continues to be our top priority. Congress passed the TCJA on December 20, 2017, and President Trump officially signed it into law on December 22. Thanks to NAFCU's persistent advocacy, this monumental piece of legislation keeps the credit union tax exemption fully intact. This is a testament to the value and strength of credit unions. Nonetheless, we remain focused on fighting any future attempts to tax credit unions because our country cannot afford the negative impacts of slashing and burning the credit union tax exemption.
How This Impacts You
In 2021, NAFCU commissioned an independent study to examine the benefits of the credit union federal income tax exemption to consumers, businesses and the U.S. economy. It was found that removing the credit union tax exemption would lead to a $120 billion reduction in GDP over the next decade, costing the federal government $56 billion in lost income tax revenue and resulting in the loss of nearly 80,000 American jobs per year over that span.
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