WASHINGTON—The latest tax bill from the House will not have an impact on credit unions, according to an analysis by America’s Credit Unions.
The House this week passed the Tax Relief for American Families and Workers Act on a 357-70 vote. The bipartisan tax bill makes no changes to the credit union tax status.
The bill would expand the Child Tax Credit and restore several business tax breaks. It now heads to the Senate for consideration.
Rep Thanks CUs
Separately, on the House floor this week, Rep. Juan Ciscomani (R-AZ) thanked credit unions for the work they do, adding that a credit union account was the first account he ever opened.
He thanked credit unions for “filling a unique role in the financial services marketplace,” especially for the more than two million members in Arizona, America’s Credit Unions reported.
“As not-for-profit cooperatives, credit unions exist to serve all their members without involvement of shareholders or outside investors,” he said.
Other Messages
As CUToday.info reported previously, Reps. Angie Craig (D-MN) and Scott Fitzgerald (R-WI) previously thanked credit unions on the House floor this year, and Rep. Young Kim (R-CA) released a video with a similar message.