Thirty-three Nebraska credit union advocates took to Capitol Hill during the Government Affairs Conference to tell Congress, “Don’t tax my credit union”. The thirty-three advocates joined the Nebraska Credit Union League in visits with Nebraska’s Congressional Delegation that focused on the credit union difference and the federal tax exemption of credit unions. Congress and the Trump Administration are working on extending the 2017 Trump tax cuts and they are looking for ways to help pay for it. “Our message to our Congressmen and Senators was pretty simple…Don’t tax my credit union,” said Scott Sullivan, President/CEO of the Nebraska Credit Union League. There are 570,000 Nebraska credit union members and the advocates provided the unique ways in which their credit unions are bringing financial well-being to their members. “It’s important to remind our representatives on Capitol Hill that it is the not-for-profit, member-owned, structure of credit unions, that is the reason why credit unions are federally tax exempt but that service to members continues to earn it,” said Sullivan. Steve Swanstrom, President/CEO of Centris FCU reminded lawmakers that although credit unions are exempt for federal corporate income taxes, credit unions pay a significant amount of taxes. While in Washington D.C., Senator Deb Fischer signed on as a co-sponsor of S. 522, the Credit Union Board Modernization Act, which provides meeting flexibility to credit union boards of directors. All three House members voted in favor of the House’s companion bill which passed this year.
America’s Credit Unions Government Affairs Conference (GAC) was held from March 2nd – 6th in Washington D.C. There were more than 6,000 credit union professionals and volunteers from across the country at the GAC. The League hosted several events for Nebraska credit union advocates including its Welcome Reception sponsored by Millennium Corporate CU; the Nebraska Hill Staff Reception co-sponsored by FHLBank of Topeka, Staywood Design, and Husch Blackwell; and the Advocates Dinner sponsored by Alloya Corporate FCU.
Nebraska credit union advocates visit with Congressman Adrian Smith (NE-3) and his staff.
