WASHINGTON -- The House Thursday passed the Republican tax bill, the Tax Cuts and Jobs Act (HR 1), with the credit union tax exemption fully intact.
"NAFCU and its members thank the members of the House who had a hand in this legislation for recognizing the benefit credit unions' tax exemption provides, not only to their members, but to all consumers and the greater economy," said NAFCU President and CEO Dan Berger. "We will continue to be engaged as the Senate continues work on its own bill and both chambers work to reconcile the legislative differences."
NAFCU said staff remain on Capitol Hill, engaging with lawmakers in both the House and Senate as this process moves forward. The association noted that it is ensuring all members of Congress understand the economic benefits credit unions provide their communities and nation as a whole. An independent tax study released by NAFCU earlier this year that shows the cumulative benefit credit unions provide the greater economy totals $16 billion a year.