WASHINGTON–In advance of a hearing by the House Ways and Means’ Subcommittee on Tax Policy this week, CUNA has sent a letter outlining the reasons for maintaining the credit union tax exemption.
“The credit union tax status represents one of the best investments that the government makes in its citizens. We urge Congress to retain and reaffirm the credit union tax status,” CUNA wrote. “The importance of having not-for-profit credit unions as vibrant and viable alternatives in the financial services marketplace is as significant today as it has ever been. Credit unions provide accessible and affordable basic financial services to people of all means and encourage the equitable distribution of capital across all individuals, families, communities and small businesses. Credit unions infuse financial market competition with multiple and differentiated competitive business models. They help keep financial services accessible – and affordable – for all consumers, whether they are members of a credit union or not.”
CUNA added, “The credit union tax status is crucial to encourage and support the continued existence of this alternative, cooperative component of the financial system.”
The full text of the letter can be found in CUToday.info’s The gov here.