LANSING, Mich. (8/28/13)--U.S. Rep. John Conyers (D-Mich.) became the 12th out of 16 members of Michigan's congressional delegation to offer a statement of support for credit unions' tax status, reported the Michigan Credit Union League Tuesday.
He joins a growing number of lawmakers across the nation who are voicing support for credit unions during the tax code reform before Congress. Credit unions have been working in the congressional districts to send a clear message: Don't Tax My Credit Union.
"Credit unions provide a sound, reliable financial home for millions of Michiganders seeking access to credit and a place to build their future," Conyers said in his statement (Michigan Monitor Aug. 27).
"In addition to serving traditional borrowers, credit unions have been particularly successful at reaching out to underbanked individuals who are not served by the traditional commercial banking industry," he said. "In light of this track record of success, I strongly believe that current tax policies that have allowed credit unions to thrive should remain in place."
League CEO David Adams noted that Conyers "has a longstanding and well-deserved reputation for standing up for people of modest means, for the unbanked and the underbanked. Credit unions excel at serving individuals and households of all income levels.
'The importance of Mr. Conyers' statement of support is that he reminds the public that credit unions serve an important niche that needs to be protected. Preserving the credit union tax-exempt status is one important means toward that end," Adams said.
The Credit Union National Association and state leagues and associations are urging credit unions and their members to contact their congressional representatives to urge them to preserve the exemption on corporate income taxes and to take advantage of the congressional recess to contact members of Congress while they are in their home districts. (See related News Now story, CUNA: 13 Days Left For In-District Tax Talks With Lawmakers.)
The www.Don'tTaxMyCU website has more information about the national campaign and offers a way to contact members of Congress. For more details, use the links