A brewing battle
Credit unions in the U.S. have successfully defended efforts — both in Congress and in the courts — to keep their exemption to federal taxes.
But the battle extends well beyond this country, and elsewhere, credit unions haven’t been so fortunate. From Canada to Eastern Europe to Australia, the credit union movement’s tax exemption has been under fire.
In some cases, credit unions have lost. In others, the fight continues — and in still others, the tax exemption never existed in the first place. Still, according to the World Council of Credit Unions, roughly 70% of the world’s credit unions do not pay corporate income taxes.
Following is a look at how different parts of the world have handled the credit union tax exemption: