Akin Reaffirms Credit Union Tax Status Support
Congressman Todd Akin (R-District 2) is reaffirming his support of the credit union tax status. U.S. Representative Akin sent a letter about credit unions to U.S. House of Representatives Speaker John Boehner, U.S. House Majority Leader Eric Cantor and U.S. Rep. Dave Camp, the chairman of the House Ways and Means Committee on December 15.
During a meeting with U.S. Representative Akin and credit union leaders at Missouri Hike the Hill in Washington, D.C. this October, Akin announced his willingness to write a letter in support of the credit union structure and tax status.
The letter states in part:
“Credit unions continue to serve the initial goals intended by Congress when their tax-exempt status was granted. Regardless of size, credit unions remain cooperatives. They are operated by utilizing democratically controlled volunteer boards of directors who subsequently return their earnings to members of the credit union.”
It concludes with: “We want to reaffirm the valuable role that credit unions play in our economy and we respectfully request your consideration in preserving their tax exempt status this Congress.”
The letter is signed by U.S. Representative Akin, as well as U.S. Representatives Daniel Lungren (R-CA) and Ron Paul (R-TX). Click here to read the entire letter.
“We thank Congressman Akin for his understanding of how credit unions serve their communities and the need to preserve credit unions’ tax status,” says Missouri Credit Union Association President/CEO Mike Beall. “We appreciate his efforts and continued support.”
Credit union leaders are encouraged to thank Congressman Akin for his support. Click here or call 202.225.2561.