The Senate Finance Committee next week is set to hold a hearing on the 2025 tax debate and tax avoidance strategies. Looking ahead into the next Congress, the Tax Cuts and Jobs Act (TCJA) sunsets at the end of 2025.
America’s Credit Unions, in partnership with Leagues and credit unions, is laying the groundwork now to protect the credit union tax status. This is a priority issue at Congressional Caucus next week, and the organization earlier this week responded to misguided attacks from the Tax Foundation, whose president is set to testify at next week’s hearing.
America’s Credit Unions has fought back against misleading claims about the industry in recent op-eds. Chief Advocacy Officer Carrie Hunt debunked claims from a former credit union executive turned community banker, who tried to paint the legacy of the credit unions industry’s support of Main Street businesses into something questionable all because of the tax status and messaging around credit unions buying banks. President/CEO Jim Nussle also raised awareness of the economic benefits of credit union bank combinations.
America’s Credit Unions will provide credit unions with resources to educate lawmakers and the public on the credit union difference and benefits of the tax status.
