February 25, 2014

Camp to unveil tax reform at 1:30 p.m.

House Ways and Means Chairman Dave Camp, R-Mich., plans to unveil his tax reform discussion draft today at 1:30 p.m. Eastern.

NAFCU has continued to hear this week that credit unions' federal tax exemption isn't a target of Camp's draft bill, but the association remains vigilant. It is also watching for developments that could tangentially affect credit unions, including tax extenders and any proposed changes affecting unrelated business income tax, or UBIT.

NAFCU's 2014 tax study, released last week to Congress, shows $17 billion in benefits annually to the economy as the result of federally tax-exempt credit unions.

Camp is releasing his draft as he completes his final term as chairman of the Ways and Means Committee. The document could serve as a guide for the committee's work next Congress, but it is not expected to gain significant traction this year.

Both Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., said Tuesday that they did not see tax reform advancing this year, according to reports.