The Credit Union National Association is vigorously defending the credit union tax exemption as the U.S. Congress continues to consider broad tax code changes.
However, "the days of playing defense are coming to an end--and the time for actively advocating for a continued tax exemption is here," CUNA President/CEO Bill Cheney wrote in this week's edition of The Cheney Report. A comprehensive tax reform report is expected to be released today, and the report could include some commentary about the credit union tax exemption.
"Our tax preference won't be alone--any and all others will be mentioned, most likely, in one way, shape or form. So, from that point of view, we will have plenty of company," Cheney wrote. Credit unions will need to rise above the resulting din and stand up for their tax status. "We can't be drowned out by all of the noise that will likely erupt early next week and continue throughout the process of tax reform," the CUNA CEO said.
As many as 400 other affected parties will also be speaking up to defend their own priorities, and in times like this, "the squeaky wheel gets the grease," he emphasized.