WASHINGTON--The House Ways and Means Committee released an initial draft of its reconciliation legislation Friday with no mention of the credit union tax status, America's Credit Unions reported.
Also, as CUToday.info reported, the committee also released notice that it will mark up its tax legislation Tuesday, starting at 2 p.m. ET, meaning a managers amendment with updated and complete text is expected to be released later today.
Both ACU and the Defense Credit Union Council, during separate press calls Monday, stated they are cautiously optimistic the CU tax exemption will not be included in the initial text.
Friday’s release mostly covers expiring provisions from the 2017 Tax Cuts and Jobs Act, ACU said.
Congress has additional pressure to pass its tax reform bill in combination with debt limit efforts before the August recess, as the Treasury said Friday it expects the U.S. to hit its debt limit by August. On this so-called “X-date,” the government will run out of funds to cover its financial obligations. Treasury Secretary Scott Bessent Friday urged Congress to increase or suspend the debt limit by mid-July, ACU noted.