Should Credit Unions Be Taxed? (CRS Report for Congress)
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| Release Date |
Revised Sept. 8, 2010 |
| Report Number |
97-548 |
| Authors |
James M. Bickley, Specialist in Public Finance |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
In the 111th Congress, as of May 7, 2010, no legislation specifying the elimination or curtailmentof the tax-exempt status of credit unions has been introduced. In the 111th Congress, legislationhas been introduced to expand credit unions' ability to make business loans. Banking tradeassociations argue that the proposed expansion of credit unions' lending authority further reducesthe distinction between banks and credit unions, and consequently lessens the justification for thetax-exempt status of credit unions.In the future, technological change and regulatory changes may further increase competitionbetween credit unions and other depository institutions. The income tax exemption for creditunions, therefore, may be the subject of further debate.This report will be updated in the event of significant legislative activity or policy proposals.
