Wednesday, May 31, 2017
Size of CU Tax Exemption Jumps by 32 Percent
President Trump's Budget estimated that the tax expenditure arising from the credit union tax exemption is $35.3 billion over the next ten fiscal years.
This estimate of forgone tax revenues is up 32 percent from the estimate in last year's Budget by the Obama Administration at $26.7 billion.
According to the American Banker, the jump in the size of the tax expenditure is attracting the attention of both credit union and community banking advocates.
John McKechnie, a credit union industry lobbyist, stated to the American Banker that "this increase is noteworthy"; but also cautioned credit unions to not underreact or overreact to this information.
Read the article (subscription required).
This estimate of forgone tax revenues is up 32 percent from the estimate in last year's Budget by the Obama Administration at $26.7 billion.
According to the American Banker, the jump in the size of the tax expenditure is attracting the attention of both credit union and community banking advocates.
John McKechnie, a credit union industry lobbyist, stated to the American Banker that "this increase is noteworthy"; but also cautioned credit unions to not underreact or overreact to this information.
Read the article (subscription required).
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