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Credit Union Tax Status Untouched as Senate Passes Tax Reform Bill

Wed, Dec 20, 2017

The Senate voted Tuesday in favor tax reform legislation that leaves the credit union tax status untouched, and the House is expected to re-vote on the measure Wednesday. The House passed a version of the bill Tuesday, but changes were made in the Senate.

CUNA released its analysis of the bill Monday.

CUNA analysis of the bill covers:

  • Unrelated business income tax;
  • Deferred compensation;
  • Executive compensation;
  • Retirement accounts;
  • Mortgage interest and property tax deduction;
  • New markets tax credit;
  • Small business loan interest deductibility;
  • Personal tax rates and deductions; and
  • Effects on economic growth.