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As lawmakers look for ways to plug budget gaps, credit union groups are preparing for a possible assault on the industry's tax exemption at the state and federal level.November 5
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The National Taxpayers Union called on Congress to reevaluate the movement's tax structure, including citing the trend of CUs buying banks as a "textbook example of poor tax policy."February 19
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Federal legislation introduced this week by Rep. Gregory Meeks, D-N.Y., would ensure that taxi drivers don't get taxed on medallion debt that gets forgiven. The bill dovetails with a debt forgiveness plan under development in New York, where hundreds of drivers have filed for bankruptcy.January 17
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A special committee in the state Senate has recommended not to move forward on a proposed bill to tax credit unions above a certain asset threshold.October 30
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A study commissioned by the Florida Bankers Association found that 70% of participants supported Congress requiring CUs with at least $500 million in assets to pay income taxes.October 18
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One bill would tax credit unions in the Sunflower State with at least $100 million in assets.October 8
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As credit unions buy up community banks, policymakers should take another look at ending the industry’s tax exemption and regulatory breaks.June 7President and CEOIndependent Community Bankers of America
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A federal court this week will hear arguments in NCUA's appeal of a a judge's split decision on its 2016 field of membership rule while the new NCUA board meets later in the week.April 15
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The fight over the credit union industry's tax-exempt status has moved from the federal to state level. It will take the entire movement working together to combat these challenges.April 15Chief Advocacy OfficerCredit Union National Association
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Along with amendments to the Bank Secrecy Act, the Taxpayers First Act could help credit unions maintain their tax-exempt status.April 9