Legislative Tax Panel Gets Anti-CUMeasure

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SALT LAKE CITY - (02/09/05) -- The Senate Rules Committee finallybroke a logjam Tuesday on the controversial anti-credit unionresolution and agreed to send the measure to the Senate's Revenueand Taxation Committee for its consideration. The measure, known asHouse Resolution 1, had been held up since passing the House twoweeks ago while lawmakers debated which committee had jurisdiction.The non-binding resolution would call on Congress to intervene inthe decade-old war between banks and credit unions by, among otherthings, allowing states to tax federally chartered credit unions.The issue came to the fore two years ago when a handful of statechartered credit unions dodged proposed legislation to tax them byconverting to the tax-exempt shield of a federalcharter.

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