The credit union tax status was not discussed during the Senate Finance Committee hearing on tax avoidance Thursday, but the Tax Foundation witness did reference a report that challenges the credit union tax status in a footnote of their written testimony. In advance of the hearing, America’s Credit Unions President/CEO Jim Nussle wrote a comprehensive letter to the committee for the hearing’s record that outlined the numerous public policy benefits of the credit union tax status.
America’s Credit Unions also pushed back against inaccurate Tax Foundation claims about the credit union tax status last week.
“Data shows the credit union tax status brings $35 billion in financial benefits to members and non-members. It is one of the best investments the U.S. government makes with an approximate 1,400% annual rate of return,” Nussle wrote.
America’s Credit Unions, along with the Ohio Credit Union League and Tennessee Credit Union League, attended the hearing.
With several key provisions in the Tax Cuts and Jobs Act set to expire in 2025, America’s Credit Unions continues its outreach to members of Congress in sharing the numerous benefits credit unions bring to the financial services marketplace and the communities they serve.
