WASHINGTON—Sen. Dean Heller (R-NV) reaffirmed the Republicans' plan to release tax-reform legislation around Sept. 1 during a hearing this week held by the Senate Finance Committee.
Heller, in comments during the hearing, said that in his discussions with Senate Finance Committee Chairman Orrin Hatch (R-UT) the White House and the House, all say they are aiming for a Sept. 1 release so hearings and discussions can be arranged on the bill, NAFCU reported.
The Senate panel heard from various former Treasury Department tax policy experts during yesterday's hearing. No specific incentives, deductions or exemptions were mentioned during the hearing, but there was much policy discussion on how to best approach a reform package, NAFCU said.
An exchange between Hatch and Sen. Claire McCaskill (D-MO) focused on whether the committee would hold a hearing on the tax-reform legislation once it's released. Hatch did not confirm whether a hearing would be held, NAFCU reported.
Last week, NAFCU submitted information to the Senate Finance Committee regarding the value of the credit union federal tax exemption in the marketplace for consumers and to the economy via job creation. NAFCU also sent the panel a copy of an independent tax study released by the association earlier this year that shows the cumulative benefit credit unions provide to the greater economy totals more than $16 billion a year.