We are alerting you to a serious threat to the entire credit union system: the possible elimination of the credit union federal tax exemption.
Congress is turning its attention to comprehensive tax reform. Inside intelligence gathered by CUNA’s legislative team confirms what the press has been reporting: that both the U.S. House of Representatives and U.S. Senate are already considering possible legislation to reform the U.S. tax code.
It appears lawmakers are considering a “blank piece of paper” approach—under that scenario, all exemptions would be removed from the tax code and Congress would start from scratch to write a new tax code. If Congress goes down that road, all tax exemptions, including the credit union tax status, would be gone and our job would be to proactively advocate for its inclusion in the new tax code. It is also important to note that a consequence of this approach is that the credit union tax status must not only compete against banker opposition, but with the more than 400 other industries that enjoy special status under the current tax code.
Given the seriousness of the situation on Capitol Hill, we are shifting from a strategy of member education on the tax status and CU member benefit, to a national grassroots campaign aimed at telling Congress to “Don’t Tax My Credit Union.”
Understanding Our Advocacy Mission
We need lawmakers in office who will help create a positive legislative and regulatory environment for Virginia’s credit unions. While your League represents credit unions day in and day out, there is no substitute for constituent input.
There are many ways for you to be politically involved. On the following pages, you can keep up with governmental affairs news, learn what you can do to be involved, gain access to legislators and legislation, and learn the importance of your financial contributions.
Contact your League's Director of Governmental Affairs, Karin Sherbin, at 800.768.3344, ext. 626 or firstname.lastname@example.org for information.
Receive regular updates on the happenings at the state and U.S. capitols.
Tell the credit union story to lawmakers in Richmond and Washington.
Examine the laws and regulations being tackled on your behalf at the state level.
Examine the laws and regulations being tackled on your behalf at the national level.
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Volunteer advocates who oversee governmental affairs activities in the Congressional District level.