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Van Hollen announces support for CU tax exemption

Mon, Oct 14, 2013

Washington, District Of Columbia

In a set of letters sent to constituents on October 8, Congressman Chris Van Hollen (D - MD 8) expressed his support for the credit union exemption from the federal corporate income tax.  Congressman Van Hollen's message was sent out in email form to to various credit union advocates that have sent emails to his offices in support of the CU tax exemption. 

Congressman Van Hollen stated his support for the tax exemption by saying: "I agree with you and support the current federal income tax exemption status for credit unions.  While credit unions provide many of the same products and services as banks, they have a unique operational structure that distinguishes them from other financial institutions.  If state and federal credit unions were required to pay federal income taxes, I believe it would hamper their ability to meet the needs of their members and to provide sound financial assistance and services."

For further information on MD|DC CUA and CUNA's efforts to protect the credit union tax exemption or other advocacy issues, please contact Ricardo Pineres (rpineres@mddccua.org).