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News Now

Washington
Congress' Exempt-Entities Tax Plan Expected Thursday
WASHINGTON (6/11/13)--The Senate Finance Committee is expected to release its staff-prepared tax reform options paper on exempt organizations Thursday and according to Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan it would be a surprise--although a pleasant one--if the credit union tax status was not mentioned as a revenue option.

"The papers that have been released have laid out all of the options available under each particular subject matter--a kitchen sink approach, if you will.

"So, I'd expect credit unions to be discussed to some extent in the paper. In fact, I'd be pleasantly surprised if we're not," Donovan said.

Papers on simplifying the tax system for families and businesses, business investment and innovation, infrastructure, international competitiveness, and economic development are among those that have been released by the committee and discussed in private meetings.

Donovan emphasized that continued grassroots action is critical as the U.S. House and Senate continue their tax reform efforts. CUNA and the state credit union leagues continue to encourage the more than 96 million credit union members nationwide to present a unified message to members of Congress: Don't Tax My Credit Union!

The groundbreaking grassroots campaign combines CUNA traditional efforts of such things as email-writing drives, with new social media and online outreach efforts. (For more CUNA/league advocacy resources, use the resource links.)

Other items of credit union importance on this week's congressional calendar include a Wednesday House Financial Services Committee hearing entitled: "Beyond GSEs (government-sponsored enterprises): Examples of Successful Housing Finance Models without Explicit Government Guarantees," a House Financial Services capital markets subcommittee hearing on reducing barriers to capital formation, and a Senate Appropriations Committee hearing on cybersecurity threats and responses.

Thursday House and Senate hearings include:

  • A House Ways and Means Committee hearing entitled: "Tax Reform: Tax Havens, Base Erosion and Profit-Shifting";
  • A House Financial Services monetary policy and trade subcommittee hearing entitled "Assessing Reform at the Export-Import Bank.";
  • A House Financial Services housing and insurance subcommittee hearing on international regulations and U.S. insurer competitiveness; and
  • A Senate Banking Committee hearing entitled "Lessons Learned From the Financial Crisis Regarding Community Banks." (See June 10 News Now story: Senate Panel Looks For Community Bank Lessons From Financial Crisis)
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