WASHINGTON–By the slimmest of margins, the House has passed H.R. 1, which includes much of President Trump’s agenda, including tax cut extensions, with credit union trade groups issuing statements in support of the fact it does not include any language that would have revoked the CU tax exemption.
The bill passed on a 215-214 vote.
Thank you to the U.S. House of Representatives for securing credit unions’ not-for-profit tax status as part of H.R. 1 and recognizing the industry’s importance to strong Main Streets across the country,” said America’s Credit Unions President and CEO Jim Nussle in a statement. “More than 142 million Americans trust and rely on credit unions to achieve their American Dream, and this bill allows them to continue on their path of financial freedom. We will continue to advocate for policies that create more opportunities for credit unions to bolster our nation’s economic prosperity. We call on the U.S. Senate to continue to protect the credit union tax status as they consider this legislation.”
Race Not Over
After also noting the legislation protects the credit union tax exemption, the Defense CU Council’s chief advocacy officer, Jason Stverak, added in a statement,”…This race is not over,” said DCUC Chief Advocacy Officer Jason Stverak. “The Senate still must debate and pass their version of the bill, and both chambers will need to come together to reconcile their differences. DCUC remains laser-focused on ensuring that no changes are made to the credit union tax status at any point during this process. We only achieve that outcome when our entire industry stands together—not as a single voice, but as a chorus—advocating for the credit union difference.
“This victory is a reminder of what’s possible when we lead with purpose and speak with one message: credit unions are essential to the financial well-being of our military, veterans, and communities across America,” Stverak continued. “DCUC will continue to engage with Congress and the Administration to protect and advance the mission of not-for-profit, member-owned credit unions.”
