Following reports last week that House Ways and Means Republicans discussed the credit union tax status and reported plans to work on tax legislation this week, America’s Credit Unions has issued an action alert in support of the credit union tax status. House Ways and Means Chairman Jason Smith, R-Mo., said he hopes to have a tax bill on the president’s desk by Memorial Day.  

“The time is now for credit unions to stand up with a unified voice and protect the tax status that is under threat. Its value is being questioned right when credit unions are needed the most to support members and get the economy back on track,” said America’s Credit Unions President/CEO Jim Nussle. “Not a single elected official came to Washington, D.C., to knowingly raise taxes on 140 million Americans, and it’s time they understand that’s exactly what changing the tax status would mean for their constituents.”

Credit unions can use the Member Activation Program to send members to the Grassroots Action Center to directly contact their elected officials.

The importance of the credit union tax status—and the fact that changing it would be a tax increase on more than 140 million Americans—was a chief topic of discussion at last week’s Governmental Affairs Conference and associated visits to Capitol Hill.

The event also announced the launched a new grassroots task force focused on mobilizing advocates across the country as part of the campaign.

In addition, America’s Credit Unions: 

• Commissioned an independent economic study highlighting the cost of losing the credit union tax status; 
• Published an op-ed in Fortune with Luminate President/CEO and National Cooperative Business Association board member Juan Fernandez Ceballos on the negative consumer effects that would follow a change to the tax status; and 
• Tackled banker misinformation in a RealClearMarkets op-ed.