WASHINGTON–There are no proposed changes to the credit union tax exemption in the latest agenda paper released by Speaker of the House Paul Ryan (R-WI) and House Ways and Means Chair Kevin Brady (R-TX).
The paper, the sixth and final to be released, is part of Ryan’s A Better Way issues agenda. The report is meant to be a platform outlining solutions to a number of current issues facing the country.
Brady, who is also the leader of the Tax Reform Task Force, released the paper, which is designed to serve as a blueprint for comprehensive tax reform.
“Speaker Ryan and Chairman Brady have outlined a blueprint for comprehensive tax reform, the goal of which is to reduce the tax burden Americans face,” said Ryan Donovan, CUNA chief advocacy officer. “America’s credit unions have appreciated the opportunity to discuss the important role they play in the lives of their members with the Speaker, the Chairman and other Members of Congress. We believe they understand the significance of and support the credit union tax status and we look forward to reviewing the blueprint and any forthcoming legislative language to ensure that it is preserved.”
The paper covers tax reform from an individual and business perspective. The Ways and Means Committee expects to work on the blueprint for reform this year, with a goal of having it ready for legislative action next year, CUNA reported.
Earlier this year, Ryan told CUNA’s GAC in a video that he recognized the “critical financial role” they play.