Credit unions nationwide are participating in the grassroots campaign, “Don’t Tax My Credit Union.” The campaign urges America’s 96 million credit union members to deliver a united message to Congress, and that message is to preserve the federal tax exemption credit unions receive as not-for-profit, member-owned cooperatives. It emphasizes that any tax on credit unions is really a tax on its members, since credit unions are cooperatively owned by the people they serve. If credit unions are taxed, their benefits to members and communities will be lost, and a consumer-friendly option in the financial marketplace will vanish.
As of the date this article was written, we continue to maintain our federal tax exempt status. Many members sent emails, postcards, letters and even made phone calls to their Congressional Representatives to preserve the credit union tax exemption. We’d like to thank all of you who made your voice heard by participating in the campaign. We’d also like to thank our Congressional Representatives and Senators who sat down with us last September in our nation’s capital during our “Hike the Hill” meeting to discuss this concern along with other credit union issues.