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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.


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