WASHINGTON—The Senate Finance Committee has released the tax provisions of the Build Back Better Act without the proposed expanded Internal Revenue Service (IRS) reporting requirements, which credit unions and other groups had strongly opposed.
“We’re very pleased the Senate version of this legislation omits the provisions credit unions fought hard to exclude,” said CUNA President/CEO Jim Nussle. “Policymakers on both sides of the aisle heard loud and clear that this proposal would have harmed consumers and financial institutions, while setting back financial inclusion. We will remain engaged as the Senate continues negotiations and considers potential amendments to the text.”
CUNA noted it had issued an action alert in September calling on credit unions to comment on the proposal, which, as CUToday.info reported, would have greatly expanded the information financial institutions would report to the IRS, including at one point all member account inflows/outflows of more than $600.
Hundreds of members of Congress also expressed opposition to the proposal to congressional leadership, the Treasury and the administration after CUNA joined with NAFCU and numerous other groups in expressing opposition.
Not Out of the Reporting Woods
But credit unions aren’t ruling out a return of the provision being tacked onto legislation in some form.
“I would just offer that it is a draft,” said Ryan Donovan, CUNA’s EVP and chief advocacy officer. “Changes to the committee print are expected. There are a couple of places that specifically called that out. Having said that more than 840,000 messages of opposition have been sent to the Hill by credit union supporters. We feel pretty good about where we stand as Senate puts together its bill.”