Mon, Dec 4, 2017
The Senate voted Saturday morning in favor of the Tax Cuts and Jobs Act, passing a tax reform bill that leaves the credit union tax status untouched.
“Both chambers of Congress have now passed tax reform bills without proposing any change to the credit union tax status, true evidence that both sides of the aisle recognize the sound public policy and consumer benefit credit unions’ tax treatment brings to financial services,” said CUNA President/CEO Jim Nussle. “As the House and Senate convene to work out the differences in the bill, CUNA will continue its engagement to ensure that any tax reform bill signed into law makes leaves the credit union tax status untouched.”
CUNA opposition resulted in this provision being eliminated from the final bill.
The House passed its version of the Tax Cuts and Jobs Act (H.R. 1) in November. CUNA’s analysis of both House and Senate bills is available, addressing what various provisions in the bill mean for credit union operations.
Both chambers are expected to conference in the coming weeks to resolve any differences in the two bills.