WASHINGTON–HR 1, the massive piece of tax legislation President Trump has called “one, big beautiful bill,” currently contains numerous provisions that many credit unions may not find so pretty.
While the credit union lobby was pleased with its success in ensuring language revoking the tax exemption was not included in HR 1, in its current form it contains a number of provisions that have been flagged by America’s Credit Unions as affecting CUs in various ways.
The Provisions
The provisions, which were added after the House Ways & Means Committee finished its mark-up, include:
- A provision that would allow the Office of Management and Budget to pursue “regulatory modernization and efficiency” at a number of agencies, including the CFPB. As the CU Daily has been reporting, the Bureau has been rescinding many of its rules and proposed rules, or announcing it will not enforce many of its rules. “We do think having some clearer statutory guidelines relative to regulatory relief and what the CFPB can and can’t do could be helpful,” said Carrie Hunt, chief advocacy officer with America’s Credit Unions.
- An excise tax on remittances
- An excise tax and parking and transportation benefits
- Language affecting the deductibility of interest on certain loans
- The elimination of the clean vehicle tax credit
Hunt acknowledged that the status of each of those provisions, given that the bill is now headed to the Senate, remains a “huge, huge question.”
