Update on the Build Back Better Plan and IRS Reporting Proposal

The U.S. House of Representatives voted out their version of President Biden’s Build Back Better plan before Thanksgiving. The bill is now in the Senate for consideration and amendments. The IRS reporting proposal was not included in the House version of the bill. While this is a very positive and significant development for credit unions, our important advocacy work does not end with the House vote.

There are senators who are working to incorporate that language back into the bill. Through a written letter to many Maine credit union advocates, Senator King recently expressed his continued support for the policy. Senator Collins, however, remains in opposition.

The Senate Majority Leader is planning to have a final vote on the Build Back Better plan before the upcoming holiday break. Should that happen, the House will likely have to approve the Senate’s modifications in order to reach final enactment. This means that both the House and the Senate will have additional votes and opportunities to either affirm the decision to leave the IRS reporting proposal out or add it to the bill. The U.S. Treasury Department has recently stated their continued support for the policy.

Our League, along with CUNA and other leagues across the country, continues to be very active on this important advocacy effort. We encourage Maine credit union leaders and advocates to maintain their efforts to oppose this proposal.