NAFCU Statement on Joint Committee on Taxation report on tax reform
National Association of Federal Credit Unions (NAFCU) President and CEO Fred Becker made the following statement following the report on the findings of the congressional Joint Committee on Taxation, released today by the House Ways and Means Committee. The committee’s report is based on the reports of 11 tax reform working groups in the House Ways and Means Committee.
“NAFCU appreciates the House Ways and Means Committee’s work and its attention to the concerns of credit unions. We have been closely monitoring the progress of the committee’s working groups and working with key players as they prepared their reports.
“Protecting the credit union federal income tax exemption is job #1 at NAFCU. As corporate tax reform discussions continue, we look forward to an ongoing dialogue with the Joint Committee on Taxation, the House Ways and Means Committee and others to make sure the value of credit unions’ federal income tax exemption is not forgotten. Credit unions must be allowed to continue playing their important role in the marketplace – and the tax exemption not only helps them serve nearly 95 million member-owners, but also benefits all consumers and the economy as a whole.”
NAFCU representatives met with the Financial Services Working Group leaders, Reps. Adrian Smith, R-Neb., and John Larson, D-Conn., as well as Reps. Richard Neal, D-Mass., and Aaron Schock, R-Ill., in April. After the meeting, Becker formally submitted comments detailing how credit unions help keep consumer rates down and fees low. Last September, NAFCU released an independent study that showed the credit union federal income tax exemption brings $10 billion to consumers, regardless of whether they belong to a credit union.