CUNA GAC Day Three: Camp Tax Plan Contains No Changes to CU Tax Exemption (Misc News: February 26, 2014)
U.S. Sen. Debbie Stabenow speaks at the MCUL & Affiliates award presentation where she was named as the league's federal legislator of the year at the CUNA GAC.
There are no changes to the federal credit union tax exemption in a draft tax proposal released by Dave Camp, chair of the U.S. House Ways and Means Committee.
Rep. Camp, R-Midland, and his committee have been working for months on a comprehensive overhaul of the federal tax system and banks have been battling for the proposal to include a tax on credit unions.
Members of the Michigan delegation to the CUNA GAC met this morning with Camp’s Legislative Director Adam Pradko, who also attended the league’s awards luncheon Wednesday. Pradko accepted the league’s federal legislative staffer of the year award on behalf of his colleague Ryan Tarrant, Camp’s constituent relations representative.
Sen. Debbie Stabenow attended the luncheon and accepted an award from the league as federal legislator of the year. Rep. Bill Huizenga, R-Zeeland, and a past recipient of the federal legislative staffer of the year award, Marliss McManus, also attended the MCUL & Affiliates-sponsored luncheon.
“Sen. Stabenow accepted the federal legislator of the year award and energized the delegation with her comments highlighting her long association with credit unions,” said Ken Ross, COO and executive vice president of the league.
CUNA reported today that nearly 5.5 million Facebook and Twitter users were exposed to the credit union message on Tuesday when the association conducted its #DontTaxMyCU social media campaign with the help of credit unions and the leagues.
On Tuesday, 22 credit union leaders from Michigan met with Sen. Debbie Stabenow and discussed a wide range of subjects important to credit unions.
The group of league executives and credit union representatives discussed the credit union tax exemption, regulatory relief, member business lending and the Target data breach, among other topics.
Ross said the discussion was good, particularly regarding the data breach and the impact of the avalanche of regulations being added on a regular basis.
U.S. Rep. Sander Levin at CUNA GAC: "Yours is the voice of the typical family in this country. Let it be heard."
MCUL & Affiliates CEO David Adams introduced U.S. Rep. Sander Levin at the GAC general assembly on Tuesday.
Levin, who said he has been a credit union member for more than 50 years, said credit unions helped steer the U.S. economy out of the recent recession, according to CUNA News Now. "It was difficult for people to know where to turn if they needed to purchase something, if they needed to buy a car, if they needed to prevent foreclosure of a home," Levin said. "There was one place that people in this country could turn to, and that was a credit union."
Levin advised credit unions to "make your numbers known" in Washington this week, and also to court legislators that may not be familiar with the credit union story. "Tax reform is complicated, but the role of the credit unions isn't," Levin said "Yours is the voice of the typical family in this country. Let it be heard."
Click here to see more Michigan pictures from the CUNA GAC on the MCUL & Affiliates Facebook page.
CUNA said that while it's first read of the proposal indicates that the fundamental credit union tax exemption remains in place, the proposal does include what appears to be a tax on federal credit unions for "unrelated business activities" for the first time.
Click here to read CUNA's statement on the tax reform proposal.