GOP Majority Pledges Not To Raise Taxes
In Missouri, the Republican majority is vowing to not raise taxes. However, both Republican and Democratic lawmakers in Missouri anticipate a shortage of revenue-with projections of funding gaps ranging as high as $1 billion. What they do not agree on is the size of the budget shortfall.
It does not appear that Missouri's elected officials are targeting credit unions as an additional revenue resource. The primary reason is that Missouri already receives tax funding from our state-chartered credit unions, which constitutes the majority of credit unions in the state. These state-charters pay a state franchise tax equal in percentage to what banks pay. The Missouri Credit Union Association continually shares this key information with lawmakers, and it is highly effective in answering potential taxation issues. When they receive all of the information, lawmakers recognize that changing the credit union taxation structure would not be financially beneficial for Missouri.