Mon, Oct 9, 2017
The House passed its 2018 budget resolution on Thursday in a 219-206 vote that paves the way for tax reform.
Included in the House budget are more than $203 billion in spending cuts, along with a $72 billion increase in defense spending.
The Senate also advanced a budget out of the Senate Budget Committee. The full Senate is expected to vote the week of October 16. By passing a budget resolution through both GOP-controlled chambers, Republicans would trigger a legislative process known as reconciliation, during which they could pass a sweeping tax reform bill with a simple majority of 51 votes in the Senate, instead of the usual 60-vote requirement.
The Association will continue to monitor tax reform efforts to ensure credit unions' tax exempt status is not impacted.