Federal credit unions are not subject to the District of Columbia's new "public safety" fee, which became effective June 14 to help balance the district's fiscal 1994 budget, according to a legal opinion by the National Credit Union Administration.

The district council is set to take a preliminary vote today to make the one-time fee permanent to finance debt service on a proposed $200 million sports arena. The fee applies to gross receipts of businesses, including nonprofits, and is projected to raise $34 million in revenue in fiscal 1994, which ends Sept. 30. The legislation to make the fee permanent would exclude nonprofits.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.