WASHINGTON – NAFCU succeeded this afternoon in defeating an emerging bill that threatened the credit union tax exemption, even before the bill got going.

“We met with Congressman Ross’ this afternoon and they agreed to pull the credit union provision from his bill,” Brad Thaler, senior lobbyist for NAFCU, said of a proposed budget bill that included repeal of the tax exemption among dozens of other provisions.

The staff of Rep. Dennis Ross, R-Fla., had included the repeal of the credit union tax exemption in error, according to Thaler. The bill was one of many that are being drafted by lawmakers to deal with the so-called Fiscal Cliff at the end of the year, when huge spending cuts are scheduled to take effect if other measures are not resolved.


Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.