Earlier this week, the House Ways and Means Committee released its tax bill as its portion of the GOP-led House’s push on reconciliation this year. There is no mention of credit unions or our tax exemption anywhere in the 380-page document, which is a significant victory for our movement.
A big thank you to everyone who wrote letters, sent postcards, traveled to Washington and attended in-district meetings. Your work, this year and every year, is a huge reason why we were left alone in this committee bill.
Next Steps
But the work isn’t over. Though the bill passed out of committee, it will still have to be stitched together with other committee bills to become the full reconciliation package. At this moment, House Republicans still do not have a deal on State and Local Tax deductions, also known as SALT, and any adjustments to SALT policy could require more “pay-fors,” of which any loss of tax exemption would be, to cover the difference.
Additionally, Republicans in the US Senate have indicated that they plan on doing their own version of reconciliation that looks considerably different from the House version, so by no means is this fight coming to a close.
We’ll keep you posted with developments as they happen and with next steps for us to take. Advocacy isn’t a one time event, it’s what we do every single day.
Photo Caption: Credit union leaders support the “Don’t Tax My Credit Union” message in a photo at Annual Convention.
