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News Now

CU System
Tax Resolution Battle Continues in S.D.
BISMARCK, N.D. (11/21/13)--South Dakota banks continued to push for a change to the credit union tax status--the same day the Brookings County Commission voted 4-0 to table a bank-backed resolution that would have supported taking the tax-exempt status away from credit unions and farm credit services earlier in the day.
 
Brookings City Commission Tuesday night voted 7-1 in favor of considering South Dakota banks' "tax equalization" resolution, said the Credit Union Association of the Dakotas (Memo Nov. 20).
 
Representing credit unions at the meeting were Chad Moller, branch manager, Dakotaland FCU, Brookings, and Jeff Olson, Credit Union Association of the Dakotas, vice president of advocacy and awareness.  Credit unions and farm credit services were provided about five minutes of rebuttal time.
 
South Dakota banks also expanded their tax battle to Yankton County Tuesday when they submitted a resolution proposal in support of taxation federal credit unions and farm credit system institutions. The Yankton County Commission took no action on the resolution and decided to table it for discussion at a later date. 
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