The House Wednesday passed the Tax Relief for American Families and Workers Act on a 357-70 vote. The bipartisan tax bill makes no changes to the credit union tax status.
The bill would expand the Child Tax Credit and restore several business tax breaks. It now heads to the Senate for consideration.
America’s Credit Unions will continue to monitor efforts to ensure the industry’s tax-exempt status remains protected, as well as its proposed changes to the Employee Retention Tax Credit.