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. Because of NAFCU's persistent advocacy, on December 20, 2017, Congress passed the "Tax Cuts and Jobs Act" (the Act). On December 22, President Trump officially signed it into law. This landmark piece of legislation keeps the credit union tax exemption fully intact and it is a testament to the value and strength of credit unions. But we remain focused on fighting any future attempts to tax credit unions, because our country can not afford the negative impacts of slashing and burning the credit union tax exemption.
How This Impacts You
In 2017, 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 $142 billion reduction in GDP, cost the federal government $38 billion in lost revenue and cut nearly 900,000 American jobs over the next 10 years.
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