DULUTH, Minn. (9/26/13)--"A federal income tax on Minnesota's member-owned credit unions is an additional tax upon credit union members," said an op-ed written by Larry Champeaux, president/CEO of Northern Communities CU, Duluth, in the Duluth News-Tribune.
Champeaux, who is also a member of the board of the Minnesota Credit Union Foundation, outlined the importance of credit unions' corporate income tax exemption. In 1934, Congress in passing the Federal Credit Union Act, recognized "that credit unions' unique cooperative structure was an important factor in granting them a different tax status than Wall Street-funded banks," he wrote.
"For-profit and not-for-profit business models exist in every industry, and the best part about America is that both of these models are given a chance to succeed side by side in the marketplace," he said.
He also noted that loss of credit unions' tax status "significantly would reduce credit unions' ability to continue their exemplary service to their members and their communities."
"Let's keep our communities growing. Please don't tax my credit union," he urged. To read the entire article, use the link.
The op-ed appeared just as credit unions and their 97 million members are planning a national virtual rally for Oct. 2 to further support the "Don't tax my credit union" campaign created by the Credit Union National Association and the state leagues.
Members and advocates from across the nation will light up social media via Twitter and Facebook with the message to accompany a physical rally at Credit Union House in Washington, D.C., 2 p.m.-3 p.m. (ET). That event will be streamed on www.DontTaxMyCreditUnion.org and on The Hill newspaper site (News Now Sept. 24). For more details use the links.