Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
UBIT check is in the mail to Community First
APPLETON, Wis. (5/26/10)--Community First CU will receive the check refunding unrelated business income taxes (UBIT) it paid the government in 2007. The refund was ordered by a Wisconsin court after the credit union's landmark win in its challenge of the government's assertion that UBIT applies to certain insurance products sold by credit unions. A check from the U.S. Treasury for $62,808.59 was sent to the credit union yesterday, according to lawyers in the case. The amount represents Community First's 2006 UBIT refund of $54,604, less a small offset for non-UBIT employment taxes, plus interest that accrued from when the credit union paid the tax in 2007 until the 2010 refund. The Appleton, Wis.-based credit union's court win more than a year ago was considered a milestone, coming after 12 years of effort to obtain clarity from the Internal Revenue Service on credit union UBIT liability (News Now May 20, 2009). The credit union filed the suit on Jan. 15, 2008 to seek a refund of UBIT paid on income from several insurance products. The Credit Union National Association (CUNA), along with the rest of the credit union industry's UBIT Steering Committee, backed the credit union in its challenge. The Steering Committee is comprised of CUNA, CUNA Mutual Group, the National Association of State Credit Union Supervisors, and the American Association of Credit Union Leagues.


RSS print
News Now LiveWire
NCUA confirmed earlier indications that there would be no National Credit Union Share Insurance Fund premium for 2014.
9 hours ago
.@NJCUL supported prized-linked savings legislation introduced in New Jersey state Senate.
9 hours ago
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
15 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
16 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
17 hours ago