Utah House Passes Anti-CUMeasure
SALT LAKE CITY - (01/26/05) -- The state House voted Tuesday to addback in punitive language to its anti-credit union resolution thathad been removed last Friday, then voted 41-to-34 to pass themeasure and send it on to the Senate for its consideration. Thenon-binding resolution would once again distinguish between small,traditional credit unions and large, diversified credit unions, adistinction that had been removed after Friday's debate. The mainfocus of the measure is a call asking Congress to allow states tolift the exemption on state taxes for federally chartered creditunions. The taxation issue was targeted after a handful of thestate's largest credit unions escaped a legislative effort to taxthem in 2003 by converting to the tax-exempt shield of the federalcharter. Scott Simpson, president of the Utah League of CUs, saidhe was disappointed in Tuesday's outcome but is optimistic of theirchances in the Senate. "We hope it dies in the Senate," he told TheCredit Union Journal after Tuesday's vote.