STATEMENT - House Ways & Means advances reconciliation bill, secures credit union tax status

Jim Nussle

​The House Ways & Means Committee wrapped up its markup on its reconciliation bill moments ago, which secures the credit union tax status. America's Credit Unions' advocacy team was on-site for the markup, and monitored through the night for any amendments that could impact credit unions. No amendment was offered that would change credit unions' tax status. The bill now heads to the House Budget Committee, which will compile the full reconciliation package for House consideration.

Here is a statement from America's Credit Unions President/CEO Jim Nussle, please don't hesitate to reach out if you have any additional questions.

“Thank you to Chairman Jason Smith and the House Ways and Means Committee for recognizing the immense value credit unions have on communities and securing the credit union tax status. This is a major victory for 142 million hardworking American families and small businesses who rely on credit unions, as it allows these community-first institutions to continue to serve Main Street America without limitation. America’s Credit Unions remains committed to protecting its members from tax hikes that will hurt them and the U.S. economy.” – Jim Nussle, America’s Credit Unions President/CEO

America's Credit Unions has been preparing a unified advocacy strategy for tax policy discussions for the past year, recognizing that many of the 2017 Tax Cuts and Jobs Act provisions would expire in 2025. America's Credit Unions PAC, in partnership with leagues, identified credit union champions to support during the 2024 election cycle. Following the presidential election, the credit union industry came together to further develop its tax strategy.

Through the Don't Tax My Credit Union campaign, which began laying the groundwork with lawmakers during swearing-in events in January, America's Credit Unions, leagues, and credit unions have:

• Met with every Republican member of the House Ways & Means Committee, including Chairman Jason Smith several times
• Met with the White House National Economic Council, Office of Management and Budget, and Treasury Department (5x)
• Met with Senate Majority Leader John Thune, Speaker of the House Mike Johnson, House Majority Leader Steve Scalise, Senate Finance Committee Chairman Mike Crapo, House Financial Services Committee Chairman French Hill
• Generated more than 771,000 grassroots letters directly to lawmakers
• Contacted all 535 Congressional offices with key data on the credit union difference
• Placed several op-eds and LTEs, at the national and local level, to raise awareness of credit unions' impact on their members and communities
• Commissioned an independent economic study on the national and consumer benefits of the credit union tax status
• Launched digital ad campaign targeting key tax writers and congressional leaders that has generated over 73 million ad impressions and engaged over 100,000 activists

 
America's Credit Unions and the credit union industry will continue these unified advocacy efforts throughout the reconciliation process to ensure the Trump Administration and lawmakers recognize the value of and secure the credit union tax status in final legislation.

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