House on verge of passing H.R. 1 with credit union tax status protected

The House continues debate on H.R. 1 into Thursday, and as of 7 a.m. Eastern was on the verge of passing the bill Thursday morning after clearing a key procedural step in advancing the rule on the bill overnight. The bill, which passed the Senate earlier this week, does not make any changes to the credit union tax status.

America’s Credit Unions’ advocacy team monitored the action overnight. The organization wrote to House leaders Tuesday urging them to “reject any changes or efforts that would harm credit unions or the members they serve as this legislation moves forward towards final passage in the House of Representatives.”

If the House clears the Senate-passed version, it will go to President Donald Trump for his signature. If the House makes any changes, it would require the bill to go back to the Senate for its approval. 

The House is expected to begin the final vote on the bill today.