C-SPAN Coverage of XCEL's Tom Quigley Advocating for CU Tax Exemption Now Available

Thursday, September 12, 2013 10:41:00 AM

HIGHTSTOWN, N.J. – C-SPAN footage of XCEL FCU’s Director of Marketing Tom Quigley advocating for Congress to preserve the credit union federal tax exemption at Congressman Bill Pascrell’s (D-9) recent Town Hall Meeting is now available for viewing on the League Web site

Pascrell serves on the House Ways & Means Committee and is playing a key role in any draft tax reform proposal. 

Quigley, together with NJCUL President/CEO Greg Michlig and Director of Government Affairs Chris Abeel, were among the more than 200 who attended the forum.

The Affordable Healthcare Act, or “Obamacare,” and the crisis in Syria dominated much of the discussion. When Quigley took to the microphone to discuss tax reform and preserving the credit union tax exemption, it seemed a welcome break from the other issues where emotions ran high at some points.

Congressman Pascrell was quick to note that the credit union tax exemption is an intentional exception like the charitable gift and the mortgage interest deductions. “It’s not a loophole.” He said all deductions and exemptions are under attack but we [Congress] should be going after the loopholes like the ones that send jobs off-shore. He said he would fight to keep legitimate deductions and exemptions, and that credit unions do a great job and provide necessary competition to banks.

“This was an excellent opportunity to communicate the ‘Don't Tax My Credit Union’ message to an important member of our Congressional delegation who will likely play a key role as tax reform moves forward,” Abeel said.

“I want to thank Tom for taking time on a summer evening to advocate on behalf of credit unions,” Michlig said. “It’s one thing for a trade association to be there. It’s much more effective when a local credit union speaks on behalf of thousands of members in the lawmaker’s district,” he added.

The video is available on the "Additional News Items" page of the NJCUL Web site here. This aspect of the NJCUL Web site is limited to members only and is password protected. To request a log-in, visit www.njcul.org/Secure/Register.aspx.

The video is also available on the C-SPAN Web site here

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