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NAFCU to meet with House Ways, Means Committee on credit union tax exemption

NAFCU_logoThe National Association of Federal Credit Unions will meet with the House Ways and Means Committee’s financial services tax reform group on Thursday to discuss the credit union federal tax exemption.

The Ways and Means Committee’s working group, which is chaired by Reps. Adrian Smith (R-Neb.) and John Larson (D-Conn.), has invited stakeholders to meet and discuss issues related to credit unions in order to gain a greater understanding of tax issues.

“This meeting is part of our ongoing, non-stop effort to remain vigilant during the tax reform debate,” Brad Thaler, the vice president of legislative affairs at NAFCU, said. “We want to make sure the working group understands the value of credit unions and the credit union tax exemption.”

NAFCU plans to stress in the meeting the findings of its recent study on the value of the credit union tax exemption, which found that consumers earn $10 billion in benefits each year as a result of the exemption and that eliminating it would result in an annual loss of 150,000 jobs. The study also found that eliminating the exemption would lead to a net loss of government revenue.

Last month, House Ways and Means Chairman Dave Camp and Ranking Member Sandy Levin announced the creation of 11 bipartisan groups that would focus on tax reform issues. The groups are in the fact-gathering process and will collect information from a number of sources until April 15.

After the groups finish with information gathering, they will present their findings to the Joint Committee on Taxation, which will make a comment list and submit a report to the full Ways and Means Committee that will describe the current law related to each issue and summarize information gathered by the working groups.

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