WASHINGTON—The House Ways & Means Committee, which credit unions have been watching carefully for the past few weeks for any moves to eliminate the CU tax exemption, will take up mark-up of its huge tax bill on May 13.

The mark-up is expected to begin at 2 p.m.

As the CU Daily has been extensively reporting, 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.

Lots of Pressure

But this year, with President Trump pushing hard for the extension of the 2017 tax cuts, Republicans have been searching for ways to offset the loss of revenue and to not add to the federal deficit, and that has put the credit union tax exemption back on the table.

Jim Nussle, president and CEO of America’s Credit Unions and a former member of the Ways & Means Committee himself, said 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.