WASHINGTON—Credit unions—along with much of the country—will be intensely focused on the House Ways & Means Committee as it begins its work on a massive budget reconciliation bill beginning today when it is expected to release the language today in advance of Tuesday’s mark-up.
According to America’s Credit Unions, an initial draft released on Friday did not mention credit unions. That initial draft can be found here in this report from Punchbowl News.
As the CU Daily has reported extensively, for credit unions there will be keen interest on whether the CU tax exemption is left intact or whether it is proposed for elimination as one of the “pay-fors” needed to offset the extension of the 2017 tax cuts that President Trump wants renewed.
In anticipation of the mark-up, credit unions and their trade associations have dialed up an effort in Washington not seen in decades as they attempt to preserve the tax exemption, which has been in place since passage of the Federal Credit Union Act in 1934.
Uncertainty Where Things Stand
Jim Nussle, president and CEO of America’s Credit Unions and a former member of the Ways & Means Committee himself, had said ahead of the release of Friday’s draft that the trade group has been unable to date to discern which way the winds are blowing when it comes to the tax exemption.
The CU Daily will have full coverage.
