Language Threatening CU Tax Exemption Left out of Reintroduced Deficit Reduction Bill (Misc News: January 16, 2013)
Rep. Dennis Ross, R-Fla., reintroduced a bill aimed at deficit reduction, but unlike the original, this version protects the credit union tax exemption.
Late in the last Congress, Ross introduced a similar bill that inadvertently called for elimination of the credit union tax exemption. Ross, known as a friend of credit unions, and his staff were quick to say that eliminating the tax exemption was a simple drafting error, one that he would correct at his first opportunity.
"Rep. Ross has a strong relationship with Florida credit unions and has been very open to us at CUNA," John Magill, CUNA executive vice president of governmental affairs told CUNA News Now on Tuesday. “In fact, we met with his staff as recently as two weeks ago – the first day of the new Congress – to touch base with him and reiterate the value that credit unions bring to consumers.”
Because of House rules, Ross’ staff said the bill could not have been immediately changed after it was introduced. As expected, the 112th Congress did not act on the bill. Bills that are not enacted do not carry over to a new Congress.