January 07, 2014

NAFCU watching for next tax-reform drafts

Jan. 8, 2014 – NAFCU lobbyists are on the alert for the next round of tax-reform drafts from congressional tax-reform leaders, including Senate Finance Chairman Max Baucus, D-Mont., who may step up the pace in light of his pending confirmation as U.S. ambassador to China.

Baucus, who has been working with House Ways and Means Chairman Dave Camp, R-Mich., on broad tax reform, was nominated for the ambassador post before the holidays, but NAFCU expects the senator will continue to roll out new draft tax-reform measures until he is confirmed. The association remains vigilant.

NAFCU continues to hear that credit unions' exemption from federal corporate income tax has not been included in any plans drafted to date for reform. It is also keeping a watchful eye on other changes in any tax reform drafts that may have an impact on credit unions. Those could include measures affecting unrelated business income tax, or UBIT, and the recently expired tax extenders.