HARTFORD, Ct. – State regulators are scheduled to meet with credit union executives next week to help clarify the filing requirements and calculation of the Unrelated Business Income Tax, better known as UBIT. The Department of Banking, which has been in the forefront of UBIT negotiations with the Internal Revenue Service, is holding a conference in conjunction with the Connecticut CU Association next Wednesday at Capital Community College in Hartford. Among the issues to be discussed are recent guidance issued by the IRS to several state chartered credit unions on what is taxable under UBIT.
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