WASHINGTON—Noting the tax fight is at a critical juncture, both the Defense Credit Union Council and America’s Credit Unions emphasized the importance of decisions being made this week by the House Ways and Means Committee.
The Committee is aiming to mark up its tax legislation in the next two weeks.
DCUC Chief Advocacy Officer Jason Stverak reiterated the trade association’s top priority remains Capitol Hill discussions related to the budget reconciliation process.
“Just this morning we communicated with every member of Congress about the need to protect the credit union tax status,” Stverak said Monday during a call with the media. “We let them know about the numerous the negative effects removing credit unions tax exemption would have on the economy, credit unions and their members—including impacting the ability of defense credit unions to stay open and serve members of the military and their families. The tax fight is going to be an issue we’ll be engaged on every single day. We'll be working with leagues that are coming into town this week to help equip them with the information they need to work with lawmakers on Capitol Hill.”
ACU said engagement in the Don’t Tax My Credit Union campaign is at a critical juncture “and America’s Credit Unions will continue to lead a unified tax advocacy strategy among credit unions, leagues, and other industry partners to ensure the credit union tax status is protected.”
As CUToday.info reported, ACU President and CEO Jim Nussle outlined the trade association’s efforts so far to preserve the credit union tax status and what lies ahead. He, too, acknowledged the importance of efforts over the next two weeks to preserve the CU tax exemption.
Other matters in Washington this week:
- The Senate Finance Committee is expected to advance the nomination of Ken Kies as deputy treasury secretary for Tax Policy. "DCUC remains concerned about Mr. Kies' previous comments in support of eliminating the credit union tax exemption and will closely monitor any policy shifts if he is confirmed," Stverak said.
- House Oversight Subcommittee hearing will examine financial issues at the Department of Defense (DoD), particularly the lack of acceptance of defense credit union financial literacy services on military installations — a gap that unnecessarily increases taxpayer spending.
- The House Financial Services Committee will hold a hearing on regulatory overreach and legislation to curb mortgage trigger leads, the Homebuyers Privacy Protection Act (H.R. 2808).
- The House Financial Services Committee will hold a markup of its portion of the reconciliation package.