Credit union trade groups are headed to Capitol Hill to talk about federal tax exemptions as Congress takes on tax reform. They will address the House Ways and Means Committee about the importance of tax reform preservation.
The Credit Union National Association (CUNA) and National Association of Federal Credit Unions (NAFCU) launched 11 bipartisan groups earlier this year to explore tax reform issues.
“This meeting is part of our ongoing, non-stop effort to remain vigilant during the tax reform debate,” said Brad Thaler, Vice President of Legislative Affairs of NAFCU. Credit union trade groups are trying to raise awareness about the value of their federal tax exemption.
According to Thaler, the NAFCU has evidence based on a 2012 study about the importance of credit union tax exemption. The report shows that removing it would result in a net loss of revenue for the federal government.
The data collected in favor of preserving the industry’s tax exemption policy is substantial. Trade group leaders are excited and hopeful about the opportunity to defend their federal tax exemption rights in front of the government and general public.
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