WASHINGTON—The credit union tax exemption was not included in any way in the broad agenda for changes to the tax code released by the Trump Administration, but the CU trade groups say they will continue to engage with policymakers on the issue.
“More details are expected to be released by the administration in June. Until then, CUNA will continue its regular meetings and discussions with key policymakers,” the trade association stated.
"NAFCU supports efforts to achieve reforms that will grow the economy, and a vital part of that should be preservation of credit unions' contributions to economic growth," said NAFCU President Dan Berger. "We will remain engaged with the administration and Congress throughout the tax reform debate to ensure credit unions are protected in this process."
Berger touted the independent study NAFCU commissioned earlier this year, which showed the benefit to U.S. consumers from the tax exemption is $16 billion per year.
"NAFCU stands ready to support reforms that grow the economy, preserve credit unions' ability to serve their more than 106 million members nationwide, and protect credit unions' ability to continue to make a positive contribution to the U.S. economy," Berger said.
NAFCU Vice President of Legislative Affairs Brad Thaler also touted the economic benefits of the tax exemption in a letter Wednesday sent to the leadership and members of the House and Senate as they prepare to consider the Trump Administration's tax reform principles.
NAFCU said that its staff will monitor the administration's progress in developing the plan and will “remain vigilant” in protecting the credit union tax exemption.