CUNA: No CU Tax In New Congressional Report, But...

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CUNA said its review of a new report in Congress on areas from which additional revenue can be raised does not specifically mention credit union, but the trade group is concerned over some of the proposals.

The 436-page report was produced at the request of the Joint Committee on Taxation and Senate Finance Committee Chairman Charles Grassley (R-IA) and Ranking Member Max Baucus (D-MT). CUNA said it is most concerned with proposals to repeal the deduction for home equity loan interest; to establish additional exemption requirements for credit counseling organizations; to modify some of the prohibited transaction rules for IRAs to reduce tax shelter transactions modification of the application of the unrelated business income tax (UBIT) to S Corporation shareholders; and to modify the determination of the amounts subject to the employment or self-employment tax for partners (including limited liability company members) and S Corporation shareholders.

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