WASHINGTON–The House Ways & Means Committee has concluded its markup of the reconciliation bill it has been working on, with no language removing the credit union tax exemption.
America’s Credit Unions, which along with state leagues, the Defense Credit Union Council, individual credit unions and others have spent months lobbying to ensure the tax exemption was not targeted, said its advocacy team was on-site for the markup, and monitored through the night for any amendments that could impact credit unions.
No amendment was offered that would change credit unions’ tax status, the organization said.
The bill now heads to the House Budget Committee, which will compile the full reconciliation package for House consideration of the “one big, beautiful bill” president Trump has been calling for.
A ’Major Victory’
“Thank you to Chairman Jason Smith and the House Ways and Means Committee for recognizing the immense value credit unions have on communities and securing the credit union tax status,” said America’s Credit Unions President and CEO Jim Nussle in a statement. “This is a major victory for 142 million hardworking American families and small businesses who rely on credit unions, as it allows these community-first institutions to continue to serve Main Street America without limitation. America’s Credit Unions remains committed to protecting its members from tax hikes that will hurt them and the U.S. economy.”
Added Tony Hernandez, president and CEO of the Defense CU Council, “On behalf of America’s defense credit unions and the 40 million members they serve, we thank Chairman Smith, Ranking Member Neal, and the entire committee for rejecting any changes to the historic credit union tax status. This outcome reflects a clear understanding by lawmakers that credit unions are unique, member-owned cooperatives whose tax exemption empowers these institutions to reinvest in America’s communities—delivering lower costs, better rates, and critical financial services to military families. We look forward to working with the Budget Committee and the full House to keep this vital protection in place.”
Below, from left, in attendance at markup of the Ways & Means Committee bill are, from left, Brad Thaler, Phil Drager and Stephanie Belk.
