WASHINGTON–A trade group for bankers said that as a tax reform package works its way through Congress it will continue to fight for elimination of the credit union tax exemption.
In a statement following release of a framework for tax reform released by the Republican Party, Camden Fine, president of the Independent Community Bankers of America, said the group is “strongly encouraged by the dedication of the Trump administration and Congress to achieving growth-oriented tax reform. Done right, modernizing and simplifying the tax code can strengthen local communities, economic growth and job creation.”
That said, the ICBA said it will remain focused on the priorities it has published in its ICBA Principles for Tax Reform white paper, including preserving the business interest deduction, which is vital to small businesses, farmers and ranchers; strengthening the “pass-through” model for Subchapter S institutions, and “promoting tax parity among all financial services providers, including tax-subsidized credit unions and Farm Credit System entities.”