WASHINGTON—The credit union tax status remains untouched in the House Ways and Means Committee release of “Tax Reform 2.0,” legislation intended to make several changes to the Tax Cuts and Jobs Act of 2017, CUNA reported.
“This latest tax reform legislation once again leaves the credit union tax status untouched, proving that the benefits not-for-profit financial cooperatives bring to the marketplace is recognized by policymakers on both sides of the aisle,” said CUNA President/CEO Jim Nussle in a statement. “CUNA will carefully analyze the bill for any impact on credit union products and services.”
CUNA noted that Tax Reform 2.0 is technically three separate bills:
- The Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760), which makes permanent many of the small business and personal income tax provisions in last year’s Tax Cuts and Jobs Act of 2017
- The Family Savings Act of 2018 (H.R. 6757), which makes changes to certain retirement account provisions in the tax code
- The American Innovation Act of 2018 (H.R. 6756), which modifies the tax code to encourage startup businesses