November 17, 2017

Senate committee passes tax bill, preserves CU tax exemption

The Senate Finance Committee last night reported out the Republican tax bill, the Tax Cuts and Jobs Act. After four days of review, the credit union tax exemption remains untouched.

The bill now awaits action by the full Senate.

"NAFCU is pleased that the credit union tax exemption has gone untouched as both the House and Senate work to reform the nation's tax code," said NAFCU President and CEO Dan Berger. "We remain vigilant in protecting the industry's tax exemption."

The House Thursday passed its version of the tax bill, which also now awaits action by the full Senate.

NAFCU staff has been on Capitol Hill, engaging with committee members during this process to tout the economic benefits credit unions provide their communities and nation as a whole. An independent tax study released by NAFCU earlier this year shows the cumulative benefit credit unions provide the greater economy totals $16 billion a year.

Preserving credit unions' tax exemption remains NAFCU's top legislative priority.