Nussle urges lawmakers to secure credit union tax status in any potential additional reconciliation bill
As key Republican leaders mull pursuing an additional budget reconciliation effort in the 119th Congress, America’s Credit Unions is continuing its advocacy efforts to ensure the credit union tax status remains secure. In a letter from America’s Credit Unions President/CEO Jim Nussle to lawmakers yesterday, he urged Congressional tax committee leaders to continue to protect credit unions’ tax status if any additional reconciliation package is considered.
Nussle reminded members of Congress:
- Credit unions use the tax status seriously and use it to help more than 144 million members, delivering an estimated $35 billion in financial benefits in 2024 for consumers, compared to the estimated “cost” of $2.6 billion in tax revenue; and
- Credit unions do not distort competition, despite bank lobbyist claims, as their market share has been below 10% since receiving a federal charter.
Before the original budget reconciliation package, the One Big Beautiful Bill (H.R. 1), was signed into law without any mention of credit unions’ tax status, America’s Credit Unions, leagues, and credit unions worked for months to share the Don’t Tax My Credit Union message.
Credit union advocates met with all 535 Congressional offices (including the leaders of House and Senate tax-writing committees), generated more than 861,000 grassroots messages to Congress, and launched a digital ad campaign that generated more than 139 million impressions in support of the tax status.
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