Congress: Tax Reform Complete

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Both Houses of Congress have officially passed H.R. 1, the Tax Cuts and Jobs Act. The bill will be headed to President Trump for his signature later this week, where he is expected to sign it into law. Of note for credit unions, our tax status remains untouched and intact. However, there are other provisions that impact credit unions in various forms. For a specific analysis, please see the link below which was prepared by the Credit Union National Association (CUNA) ahead of the final vote.

While the credit union tax status is left untouched in this bill, both sides agree that several technical corrections bills are likely in the next year or so. This will present an opportunity for credit union adversaries to continue their efforts to attack our tax status. Credit unions can breathe easily today, but must remain on alert and on guard going forward.

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