Already Taxed, Okla. CUs Face Potential Hike
State-chartered credit unions in Oklahoma are already dealing with a state tax burden in the form of in-lieu taxes, property taxes, and sales and use taxes. This, however, does not keep Oklahoma credit unions out of the bankers' spotlight. Oklahoma has suffered major job losses, and the state budget has been under severe strain. This is causing the legislature to look at a number of ways to increase state revenue. With this in mind, our credit unions are under a moderate threat of an increase in existing taxes or the passage of new taxes. For example, a discussion was held last year by the legislature about imposing a new service tax that could eventually impact our state-chartered credit unions. We make continual effort to combat these threats by making our industry part of the process. Our industry is present and available at revenue and taxation meetings and we maintain solid relationships and continual contact with members of our legislature.