SALEM, Ore. The tax threat has already emerged for Oregon credit unions as a bill that would apply the state’s excise tax to some credit unions was introduced in the state legislature last week.
The bill would impose the corporate excise tax on state chartered or interstate credit unions which hold more than $50 million in loans; or hold one or more municipal deposits over $250,000; or hold member business loans exceeding 10% of its assets.
The bill is similar to one introduced in the Oregon legislature that died without a hearing.
The tax bid is the first of what is expected to be several being backed by bankers in states across the country. Credit unions in South Dakota, Washington, Minnesota, Illinois and Iowa, have all reported stepped up lobbying by bankers to get their states to tax credit unions.