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Adjourning Congress Considers Various Bills on Tax Reform
Tuesday, December 16, 2014 6:35 AM

Tax reform remains an issue in the U.S. Congress, as evidenced by various current legislative measures. Though the House has adjourned for the remainder of the year, a few items remain in the Senate. Here's the wrap-up of this adjourning Congress:

Last week, House Ways and Means Committee Chairman Dave Camp memorialized his comprehensive tax reform proposal by introducing H.R. 1, legislation that, among other things, preserves the credit union tax status.

In both the House and Senate the omnibus appropriations bill was passed, which provides funding for NCUA's Community Development Revolving Loan Fund Program and the Treasury Department's Community Development Financial Institution Fund. The measure was sent to the president for his signature. 

Incoming Senate Finance Committee Chairman Orrin Hatch (R-UT) released a tax reform report titled "Comprehensive Tax Reform for 2015 and Beyond," which recommends eliminating a number of tax expenditures but does not target the credit union tax status directly.

Retiring Sen. Tom Coburn (R-OK) released a report titled "Tax Decoder." This report advocated the elimination of over 100 tax preferences and provisions, including the credit union tax status. CUNA immediately responded to the report, calling its description of the credit union tax status as "wrong and uninformed." CUNA noted that the tax status is based on the structure and mission that credit unions have been given.

Later this week, the Senate will vote on extending a number of tax extenders as well as legislation reauthorizing the Terrorism Risk Insurance Program (TRIA). The House just passed this legislation (S. 2244) by a vote of 417-7.

CUNA anticipates that comprehensive tax reform will remain on Congress' agenda next year.