Tuesday, November 14, 2017

UtahPolicy.Com Calls for Scrutiny of CU Tax Exemption

UtahPolicy.Com is calling on Senator Orrin Hatch (R - UT) and Congress to scrutinize the tax exempt status of large credit unions.

According to LaVarr Webb -- the publisher of UtahPolicy.com, some tax credits and exemptions are still warranted, while others are no longer justified.

Webb writes that small traditional credit unions serving people of modest means and having a true common bond should retain their tax exemption.

However, Congress should scrutinize the tax exemptions of credit unions with more than $500 million in assets.

Webb argues that these large impersonal credit unions are just like banks and have no meaningful common bond.

This tax exemption unfairly tilts the playing field in favor of these large credit unions relative to community banks.

Read the commentary.



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