H.R. 6474 Would Phase Out Credit Union Tax Exemption

A bill, H.R. 6474, would phase out the credit union federal tax exemption and 28 other federal tax expenditures over a five year period.

In addition, the bill eliminates or replaces many other tax expenditures and lowers personal and corporate tax rates.

H.R. 6474, Implementation of Simpson-Bowles Spending Reductions Act of 2012, was introduced in the House in late September by Rep. Dennis Ross (R - FL).

Read the bill.