Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (12/08/2010)
* WASHINGTON (12/9/10)--Tax cuts could expire for more than 2,300 Subchapter S corporate banks if President Barack Obama is unable to gain support for his deal to extend Bush-era tax cuts for two years (American Banker Dec. 8). Banks electing Subchapter S status are taxed at the individual income rate level. If the cuts end, tax rates for those banks would increase by more than four percentage points to 39.6%, according to Paul Merski, a senior vice president and chief economist for the Independent Community Bankers of North America. Merski said the sole reason banks elect Subchapter S status is for the tax benefit. He estimated that community banks could save $500 billion in the next decade if tax breaks--including relief on capital gains and dividends--were extended …


RSS





print
News Now LiveWire
What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
2 hours ago
Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
4 hours ago
Make sure 2 follow us @NewsNowLiveWire ,and @cuna , during March 8-12 Governmental Affairs Conference #CUNAGAC #crashthegac15 #UniteForGood
5 hours ago
Memberships, loans continue positive trend: @CUNA's monthly survey #NewsNow http://t.co/QnAlJ4DB3O
5 hours ago
Grand opening of @McGrawHillFCU's branch puts high touch on member service #NewsNow http://t.co/RlnJNrcwM8 #Backat55
5 hours ago