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Michigan Credit Union League

Senator Stabenow and Congressman Upton Provide Statements Supporting CU's Not-for-Profit Tax Status

As tax reform approaches Capitol Hill, the Michigan Credit Union League (MCUL) continues to receive strong support from Michigan’s federal lawmakers on the credit union tax status. Credit union leaders and MCUL government affairs staff requested statements from each member of the Michigan congressional delegation during the CUNA GAC. We hope to receive a strong statement in support of maintaining the credit union tax status from every member in the coming weeks. It is extremely important to ensure credit unions can continue to provide low-cost financial services to their member-owners. Senator Debbie Stabenow (D-Lansing), a long time credit union supporter and member of the Senate Finance Committee, provided the following statement this past week to Michigan’s credit unions:

“Credit unions are member-owned, community organizations that are vital to small businesses and families across Michigan. That is why I have been a strong supporter of maintaining their tax-exempt status in any tax reform legislation.”

Additionally, Congressman Fred Upton (R-St. Joseph) also provided a strong statement in support of maintaining the not-for-profit tax status of credit unions:

“Our Credit Unions provide essential financial services for folks here in Southwest Michigan and across the country. As we remain focused on growing our economy, these member-owned and controlled institutions are helping locally owned small businesses grow, invest and create jobs in our communities. I will continue to stand by our credit unions and oppose raising taxes on these important community institutions. It’s clear–if it ain’t broke, don’t fix it.”

Support from Congressional leaders plays an important role as tax reform discussions begin to take shape on Capitol Hill. MCUL & Affiliates CEO Dave Adams commented on the statements provided by the congressional leaders:

“We’re extremely grateful to receive strong statements in support of our not-for-profit tax status from congressional leaders such as Senator Stabenow and Congressman Upton. These lawmakers serve as leaders within their caucus and their vocal support of maintaining the CU tax status provides important momentum as we head into tax reform discussions. Michigan’s credit unions are grateful for their continued support of our industry and the important role we play in improving the financial lives of more than 5 million members statewide.”

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2017-05-22 00:00:00