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Senate Finance Committee's "tax options"paper is a wake-up call for CUs

The release Wednesday, June 13 of the Senate Finance Committee's "tax options" paper on exempt organizations--with the elimination of the credit union tax status written clearly in black and white as a reform option--should be a wake-up call for action by credit unions, Credit Union National Association President/CEO Bill Cheney said in immediate response to the paper's release.

The options paper today is the sixth to be released by the committee in recent months. It follows papers on simplifying the tax system for families and businesses, business investment and innovation, infrastructure, international competitiveness, and economic development.

"As CUNA has been saying for some time, our tax exemption, and its preservation for the long-term, is actively in the mix of discussion on Capitol Hill, as this 'options paper' clearly shows. That's why we launched our " Don't Tax My Credit Union campaign," Cheney said.

He emphasized that credit unions are different from all other groups mentioned in the most recent paper. "We are cooperatives, operating on a not-for-profit basis, and actively returning billions of dollars in benefits each year to our members--benefits that far exceed any new revenue that would come from taxing credit unions."

"We can make the distinction that credit unions are different and preserve our tax status – if we speak up, now. Credit unions should contact their senators and congressmen without delay with the simple message, 'Don't Tax My Credit Union!'," he urged.

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