It’s time for credit unions in Missouri to take part in a national effort to protect the credit union tax status. Together with the Credit Union National Association (CUNA), the Missouri Credit Union Association (MCUA) is asking all credit unions in Missouri to unite and take action to preserve the credit union tax status.
Why now? The tax exemption status for credit unions is under fire. Congress is considering a “blank piece of paper” approach to reforming the U.S. tax code. Essentially, Congress would start from scratch. This would mean that all tax exemptions—even the credit union tax status—would be removed and credit unions will have to advocate for its inclusion in the new tax code.
In this battle, credit unions face banker opposition and more than 400 other industries that are also working to protect their own needs. It is essential that credit unions come together and make it clear to Congress that a tax on credit unions is a tax on 96 million Americans.
“This call to action is essential to the future of credit unions of all sizes across the state,” says Don Cohenour, MCUA president/CEO. “If credit unions’ tax status is removed, the credit union movement as we know it ceases to exist. This is a very real threat to credit unions and the hard-working families we serve. We owe it to those members to make sure they are aware of the situation and ask for their help in keeping credit unions available for future generations of consumers.”
Here are some key action steps in the National Call to Action to Protect the Credit Union Tax Status.
In the coming months, credit unions in Missouri and nationwide will be asked to take multiple actions. Now is the time to mobilize and deliver a strong message to Congress, "Don't tax my credit union!"
If you have any questions, please contact Amy McLard via email or phone at 314.542.1370.