The Independent Community Bankers of America asked congressional tax writers to study whether all credit unions should continue to be exempt from paying taxes on their earnings.
"As the Ways and Means Committee examines the tax-exempts, we urge a fresh policy evaluation of the estimated $31 billion in lost tax revenue from the tax-exempt credit union industry," David E. Hayes, the ICBA's chairman, wrote in testimony submitted to the committee, which is holding a hearing today on tax-exempt organizations.
A spokesman for Ways and Means Committee Chairman Bill Thomas, R-Calif., said the panel has no immediate plans to hold a hearing focusing on credit unions.
Last year the panel began a broad review of the 1.8 million organizations that are exempt from paying taxes on their earnings, including charities, religious organizations, credit unions, and trade groups.
