WASHINGTON and MADISON, Wis. – U.S. Rep. Rush Holt (D-12) and U.S. Sen. Tammy Baldwin (D-Wis.) are the latest to join the growing list of lawmakers going on record as supporting the continuation of the credit union tax exemption.
Holt’s office responded to a League survey of NJ’s Congressional delegation confirming that “Representative Rush Holt does support the continuation of the federal tax exemption for the nation's credit unions. He always has and will continue to support the credit union tax exemption because credit unions provide needed and valued services in our local communities.”
Senator Baldwin told a standing-room-only crowd of credit union supporters in Madison, Wis. that she fully backs credit unions' continued tax status as corporate tax-exempt institutions.
"Credit unions provide essential services to their members and communities that would otherwise go unmet," she said. "I have long supported and will continue to advocate that as not-for-profit financial cooperatives, credit unions deserve their tax-exempt status. As we move forward with comprehensive tax reform, I will continue to monitor the situation to ensure that access to credit union loans will not be put out of reach for Wisconsin families and small businesses."
Her remarks were made during a visit with employees of CUNA, CUNA Mutual Group, the World Council of Credit Unions, members of the Wisconsin Credit Union League, and the Filene Research Institute.
Baldwin expressed pride in having the opportunity to represent the headquarters of CUNA, CUNA Mutual Group, and the World Council. She noted that cooperative businesses are consumer-centric business models that add significant value for families and communities.
Other key lawmakers who have spoken in favor of credit unions include Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee overseeing the tax reform measures.
Credit unions across the nation continue to urge Capitol Hill lawmakers to preserve their tax status through an all-hands, nationwide Call-to-Action.
CUNA’s Tax Advocacy Toolkit is available here.
The “Don’t Tax My Credit Union” Web site is available www.donttaxmycreditunion.org.