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.
Our views come from you. Make your voice heard.
Do you have a question or a comment on this issue? Please reach out and let us know.
May 16, 2023
NAFCU sets record straight on CU tax exemption
February 06, 2023
NAFCU touts CU difference to lawmakers after baseless attack from banking group
January 03, 2023
NAFCU advocacy pursuing growth, innovation, level playing field
In the News
Co-operative News | April 16, 2019US credit union movement hits back at attacks on tax exemption
Credit Union Times | March 04, 2019ICBA Calls on Congress to Examine CU Tax Exemption; Calls NCUA 'Cheerleader'
Credit Union Journal | November 29, 2018Credit union trades call for parity in further tax reform View all
Letters & Comments
May 15, 2023Letter to Congress on the Credit Union Tax Exemption
April 05, 2023Letter to House Financial Services Committee in Response to Banker Attacks
May 14, 2021Letter to House Financial Services and Senate Banking on Bank-Credit Union Mergers View all