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(From America’s Credit Unions) – In a major victory for the credit union industry, the Senate has passed H.R. 1 without any mention of the credit union tax status.
Successfully securing the tax status follows months of unified advocacy by America’s Credit Unions, leagues, credit unions, and their members. It now heads back to the House for consideration where lawmakers will hash out differences between the two chambers’ bills.
“We thank the U.S. Senate for securing the credit union not-for-profit tax status and not adding a new tax on 142 million credit union members as part of H.R. 1,” said Jim Nussle, America’s Credit Unions President/CEO. “Hard working Americans and their communities rely on the competitive rates and personally tailored services offered by credit unions to achieve their American Dream. By preserving the credit union tax status, it provides consumers across the country with more opportunities to achieve financial freedom.”
Vice President J.D. Vance broke a 50-50 tie in favor of the bill Tuesday. President Donald Trump has called for a final bill before July 4, though that timeline could fluctuate as lawmakers work through changes. Any additional bill revisions must be approved by both the House and Senate.
Until a bill is signed, united advocacy efforts with America’s Credit Unions and credit union stakeholders are ongoing to ensure the tax status remains secure.