Mon, Nov 4, 2013
In a letter of response to constituents, Rep. Chris Van Hollen expressed his support to maintain the credit union tax exemption. See his letter below:
Thank you for contacting me to express your support to maintain the tax exemption status of federal income taxes for credit unions. I appreciate hearing from you on this matter.
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.
I will keep your thoughts in mind as Congress considers this and related issues. Again, thank you for taking the time to share your views with me and please let me know whenever I may be of service.
Chris Van Hollen
Member of Congress