Credit unions closely watching House Ways and Means as it reviews tax bill

The National Association of Federally Insured Credit Unions (NAFCU) is closely monitoring the Tax Cuts and Jobs Act, which is being considered by the House Ways and Means Committee, for impacts to credit unions.

While there have been calls to eliminate the tax-exempt status of credit unions from some groups, so far the credit union tax exemption has not been discussed within the committee, according to NAFCU. In fact, none of the amendments proposed so far have affected credit unions.

Preserving credit unions’ tax exemption is NAFCU’s top legislative priority, association officials said.

NAFCU staff has been meeting with committee members in Washington to promote the importance of credit unions in their communities. Credit unions have a $16 billion impact in the economy per year, according to NAFCU data.

The association will continue to lobby lawmakers as this proposal moves through Congress.

Earlier this week, the committee passed an amendment that included changes to the earned income tax credit, carried interest, international tax rules and university endowments.

The Ways and Means committee will likely consider more amendments this week before voting on the bill. The U.S. Senate is drafting its own version of the tax bill, which is expected to be released after the House Ways and Means Committee markup.