CU Exemption Issue Expected To Resurface

Register now

Although the state faces a significant budget shortfall, the idea of taxing credit unions has not been offered as a legitimate solution for the state's budget problems. In the mid-1990's, Maine was one of the first state's to successfully fend off an attack from the bankers to tax credit unions.

Since then, the league has become a greater political presence in our state capitol. A strong legislative team is in place to help to move our legislative agenda, elect CU-friendly candidates and educate legislators on the credit union difference. Events such as Credit Union Day at the State House and Legislator Job Shadowing program have solidified our relationship with numerous legislators and we also enjoy a great relationship with our current governor, John Baldacci. However, we are expecting the tax issue to resurface at some point and we are preparing both a strong defense and offense to combat any such legislation.

For reprint and licensing requests for this article, click here.