Legislation Introduced in Oregon to Tax CUs

A bill (H.B. 3263) that would impose a corporate excise tax on credit unions operating in Oregon was introduced in the state legislature.

The bill would subject any state-chartered credit union operating in Oregon with at least $50 million in assets and with at least 10 percent of its assets in commercial loans or holding one or more public deposits in excess of $250,000 to the corporate excise tax.

The Center on Budget and Policy Priorities estimates that Oregon is expected to have a budget shortfall of $1.8 billion or 25 percent of its fiscal year 2011 budget.

To read the bill, click here.