Tuesday, October 31, 2017

Members Choice CU Scheduled to Take Possession of New HQ on October 31

Members Choice Credit Union (Houston, TX) is scheduled to take possession on October 31 of its new four-story, 80,000 square-foot headquarters building, according to the Houston Business Journal.

The building will include a full service branch, a multi-purpose room available for use by the community, a quiet room for employees, and a spacious lunch room connected to an outdoor dining patio, as well as other features.

The credit union will occupy about two and a half floors of the building and will lease out 32,000 square feet of Class A office space.

As a state chartered credit union, Members Choice should pay unrelated business income taxes on the rental income from leasing its excess space.

However, federal credit unions are not subject to unrelated business income taxes on the rental of their excess space. This glaring loophole should be closed.

Read the article.
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