CUNA’s Mica Sends Letter to Treasury Secretary on CU Tax Exemption

WASHINGTON–CUNA blasted a Treasury report that suggests repealing the credit union tax exemption as one way to fund reduced corporate income taxes. In a letter to Treasury Secretary Henry Paulson, CUNA CEO Dan Mica cited past Bush Administration statements in support of the credit union tax exemption and said this most recent analysis “wholly contradicts the 2004 letter to CUNA from President Bush” supporting the tax-exempt status of credit unions. “Under this administration, the Treasury has consistently recognized the benefits of credit unions and stated its support for the credit union tax exemption; we urge that position be continued,” Mica wrote. The letter is a response to the “Treasury Conference on Business Taxation and Global Competitiveness Background Paper” that was released in advance of the Treasury’s upcoming conference. The letter also was distributed to House Financial Services Committee Chairman Barney Frank and House Ways And Means Committee Chairman Charles Rangel.