The National Association of Federal Credit Unions currently has lobbyists on Capital Hill working to ensure credit unions’ tax exemption as Congress moves forward on debate and issues surrounding tax reform.
Recently, the House Ways and Means Committee held a hearing on small business and pass-through entity tax reform, focusing primarily on a discussion draft that will later be integrated into a larger tax reform package.
The Senate Finance Committee also released a 15-page report that looks at various policy options related to tax reform, though the credit union tax exemption was not targeted in the document.
NAFCU published its own study that revealed the credit union tax exemption provides $10 billion in economic benefits every year for Americans. The same study said elimination of the tax exemption would cut U.S. GDP by nearly $150 billion in the next 10 years.