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CU Tax Status Untouched as Senate Passes Tax Reform Bill
Wednesday, December 20, 2017 6:50 AM

The Senate voted Tuesday in favor tax reform legislation that leaves the credit union tax status untouched. The House passed the Tax Cuts and Jobs Act (H.R. 1) earlier Tuesday, but must re-vote on the package again today, after the Senate made changes to align the legislation with the chamber's procedural rules before its vote.

CUNA released its analysis of the bill Monday, including issues such as:

  • Unrelated business income tax;
  • Deferred compensation;
  • Executive compensation;
  • Retirement accounts;
  • Mortgage interest and property tax deduction;
  • New markets tax credit;
  • Small business loan interest deductibility;
  • Personal tax rates and deductions; and
  • Effects on economic growth.

Cornerstone will be monitoring the bill along with CUNA as we learn more about the final version to be signed by the president.