Federal lawmakers are starting with a blank piece of paper when it comes to tax reform.
What does this mean for credit unions? It means that the credit union tax status does NOT exist in the initial draft of the Senate tax reform bill, and it will be up to credit union staff, volunteers and members to make sure lawmakers hear the message, “Don’t Tax My Credit Union.”
Take action now before the July 26 deadline for U.S. Senators to provide their feedback on tax reform. The date was set by U.S. Senate Finance Committee Chairman Max Baucus (D-Montana) and Ranking Member Orrin Hatch (R-Utah), who sent a letter detailing their comprehensive tax reform bill to all U.S. Senators on June 27. It states in part:
To make sure that we clear out all the unproductive provisions and simplify in tax reform, we plan to operate from an assumption that all special provisions are out unless there is clear evidence that they: (1) help grow the economy, (2) make the tax code fairer, or (3) effectively promote other important policy objectives. Today, we write to ask you to formally submit legislative language or detailed proposals for what tax expenditures meet these tests and should be included in a reformed tax code, as well as other provisions that should be added, repealed or reformed as part of tax reform. In order to give your proposals full consideration as we work to craft a bill, we request these submissions by July 26, 2013. We will give special attention to proposals that are bipartisan.
Click here to see the entire letter.
“It is very important that credit unions in Missouri actively advocate on behalf of the credit union federal tax status,” says Missouri Credit Union President/CEO Don Cohenour. “We are at a critical point of this fight, and it’s essential that we send the ‘Don’t Tax My Credit Union’ message from all corners of the state and from people who are directly impacted by credit unions.”
Credit unions in Missouri are urged to engage their staff, volunteers and members in reaching out to federal lawmakers regarding the need for the credit union tax status–especially U.S. Senators Claire McCaskill and Roy Blunt–by July 25.
Visit the Don't Tax My Credit Union website and click on the “Take Action” link. A wide variety of tools and resources are available in CUNA’s Tax Advocacy Toolkit and MCUA’s Credit Union Advocates of Missouri to assist with engaging and activating membership.
Credit unions with a positive credit union news story or that are engaging members in the Don’t Tax My Credit Union effort, are encouraged to share that information with MCUA at email@example.com. Include positive news stories in communications with lawmakers and via earned and social media. The national campaign uses the Twitter handle @CUNAadvocacy and #DontTaxMyCU, along with a CUNA Advocacy Facebook page. Follow the Credit Unions Advocates of Missouri on Facebook and Twitter (handle @CreditUnionsMO).
Contact Amy McLard by email or 314.542.1370 for more information or assistance.