AUSTIN, Texas - (06/07/05) -- The state legislature adjourned lastweek with the House and Senate failing to reach agreement on a taxreform bill, thus ending the threat to the credit union taxexemption for another year. Gov. Rick Perry could decide to call aspecial session to forge agreement on a tax bill but the issue isexpected to carry over again to next year when the courts may forcelawmakers to pass a reform package to fund state aid to schools,according to Allison Castle, a spokesperson for the Texas CULeague. "We're fine, right now, both the Governor and lieutenantGovernor have vowed to support our tax exemption. So the situationis status quo," Castle told The Credit Union Journal. The taxexemption was threatened in the beginning of the 140-day sessionwhen lawmakers suggested closing loopholes and eliminatingexemptions, including the credit union exemption, to expand the taxbase, but that proposal was rejected by the House and wasn't evenconsidered by the Senate.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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