The credit union tax status was left untouched in a tax reform bill unveiled yesterday by Republicans on the House Ways and Means Committee. The New York Credit Union Association and CUNA are still in the process of analyzing the nearly 429-page piece of legislation.
“The Association is pleased to see that the majority on the Ways and Means Committee understands the importance of the credit union tax status to the more than 110 million credit union members throughout the U.S.,” said Association President/CEO William J. Mellin. “This is a significant and positive development for the credit union movement, but it’s important to remember there is still a long road ahead before any legislation is finalized and signed into law.”
The markup process on the bill is slated to begin next week. Any number of amendments or rewrites could be offered during that time. The full House is expected to vote on the bill on Nov. 13.
In the Senate, the Finance Committee is expected to markup its version of the bill on Nov. 13, with the full Senate likely voting on the legislation Nov. 20.
The two bills, if passed by each respective chamber, will have to be reconciled via conference committee. The conference report will then have to be voted on in each chamber before it can be sent to President Donald Trump’s desk to be signed into law.
Republican leaders have laid out an ambitious timeline: They hope to have the bill signed into law before Christmas.
The Association will continue to monitor the process closely and engage New York’s congressional delegation on the matter. In particular, the Association is evaluating the impact of provisions limiting the mortgage interest deduction and making it more difficult to avoid paying capital gains tax after selling a home, as well as reductions in allowable deductions for state and local taxes.