CU Foe To Carry The Ball In UtahLegislature
SALT LAKE CITY - (12/02/04) -- The chief sponsor of theunsuccessful 2002 bid to tax state chartered credit unions said hewill push legislation calling on Congress to repeal the exemptionon state taxes for federally chartered credit unions. State Rep.Jeff Alexander, told The Credit Union Journal, he will sponsor aresolution, endorsed Tuesday by the state's Financial InstitutionsTask Force, urging Congress to reform NCUA and to allow states toassess sales and other taxes on all credit unions. Alexander andother advocates of the 2002 tax bill were frustrated when thelargest state credit unions--including giants America First CU andMountain America--escaped their tax initiative by converting to thetax-exempt shield of the federal charter. That move, along with theconversions of at least 10 other state charters here, has angeredmany lawmakers because it deprived the state of millions of dollarsin sales taxes, supervisory fees and other revenues.