WASHINGTON (4/1/14)--House Ways and Means Committee Chairman Dave Camp (R-Mich.) announced Monday that when his term ends in nine months, he will not seek re-election. On Feb. 26, Camp released a much-anticipated tax reform plan and at the time pundits predicted Camp intended it to be the signature piece of legislation of his career.
"During the next nine months, I will redouble my efforts to grow our economy and expand opportunity for every American by fixing our broken tax code, permanently solving physician payments for seniors, strengthening the social safety net and finding new markets for U.S. goods and services," Camp said in a release announcing his retirement from the House.
CUNA Executive Vice President of Government Affairs John Magill said of Camp, "He has been among the strongest of supporters of credit unions throughout his career. We look forward to continued conversations with the chairman during the rest of his term, and we of course wish him well in the next chapter of his life."
The specific credit union tax status was left untouched in Camp's plan, an outcome for which the Credit Union National Association strongly advocated. CUNA, the state credit union associations and credit unions together amassed 1.3 million contacts with lawmakers urging them "don't tax my credit union."
Late last month Camp notified his Ways and Means colleagues that the committee will move forward with hearings on his tax reform draft in April--first taking on the amorphous area of tax "extenders." The chairman said the committee will go policy-by-policy and, through hearings and markup sessions, determine what extenders should become permanent to the tax code. Specific dates and topics will be forthcoming.
CUNA will continue to monitor the tax reform process as it unfolds.
"While credit unions were untouched in the original tax draft, CUNA will continue to advocate for and educate about the credit union tax status as long as the tax reform process is alive," CUNA's John Magill has vowed.