Senate budget resolution contains no tax provisions

The Senate released its budget resolution Tuesday without any tax-related provisions. The budget resolution serves as a blueprint for work on the skinny Reconciliation 2.0 effort, with instructions to only address appropriations that fall under the Judiciary and Homeland Security Committees and to end the government shutdown. That would exclude tax provisions, including any changes to the credit union tax status, because those fall under the Finance Committee’s jurisdiction.

The budget resolution is not official legislation that will move through committee. Instead, the Senate is expected to bring it to the floor as soon as today.   The anticipated “vote-a-rama” process will allow Senators to offer and vote on multiple potential amendments.

"The credit union industry appreciates that the Senate's targeted instructions for budget recommendation remained narrowly focused on areas under the jurisdiction of Judiciary and Homeland Security Committees. This is a win for the industry and demonstrative of our strong bipartisan relationships,” said America’s Credit Unions President/CEO Scott Simpson. “By remaining disciplined and intentional with our advocacy efforts, the economic and societal value credit unions provide to consumers and communities across the country is clear to Congressional leadership. We remain vigilant to ensure credit unions' tax status is not considered for any pay-fors, now or in future reconciliation processes. Lawmakers know where we stand on this issue, and we look forward to working with Congress on solutions to affordability."

The America’s Credit Unions advocacy team continues engaging with Senators throughout the process. It will send a letter urging Senators to keep out any concerning or burdensome provisions, including any attempt to alter the credit union tax status, today in advance of any votes.