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Credit Unions Celebrate a Tax Status Victory

Missouri attendees received uplifting news at the Governmental Affairs Conference (GAC) in Washington, D.C.  The House Ways and Means Committee released a tax reform proposal on February 26 that did not include mention of credit unions' tax status. More than a million credit union advocates, both in Missouri and nationwide, contacted lawmakers with the "Don't Tax My Credit Union" grassroots message. Although the tax reform process is far from over, credit unions celebrated the proposal victory at the GAC.        

Credit Union National Association (CUNA) President Bill Cheney made the announcement at the Louise Herring, Dora Maxwell and Desjardins awards ceremony, where four credit unions from Missouri received recognition for their efforts.  

"Learning that the discussion draft of the tax bill left any mention of taxing credit unions out was great news!" says Don Cohenour, Missouri Credit Union Association (MCUA) president/CEO. "It sparked a spirited night of celebration at the closing gala of the 2014 GAC. We need to remember that this success is due to the constant attention of CUNA staff and every State League that is active in advocacy. A special thanks to every staff person or volunteer from Missouri's member credit unions who responded to our calls to action. As consumers and voters, they got and held the attention of the writers of this discussion draft that we are a force to be reckoned with."

The Credit Union National Association (CUNA) had initial concerns that the proposal could affect federal credit unions with a tax on unrelated business income tax (UBIT).  Further communication with the House Ways and Means Committee made it  clear that committee members have "no intention of imposing any additional taxes on credit unions."

Caption: CUNA President Bill Cheney speaks to Missouri's GAC attendees during a reception. 
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