For several months, credit union advocates in Nebraska and across the nation have been writing their representatives in Congress urging them to support credit unions and their federal tax exemption. When Congress returned after the Easter recess, the various House committees, including the Ways and Means Committee, went to work drafting their respective portions of the Trump Administration’s “One Big Beautiful Bill”. The first hurdle for the credit union tax exemption was whether the Ways and Means Committee would include the tax exemption as an offset or pay-for for the tax cuts in the bill. Several House committees have released their portions of the bill with no mention of the credit union tax exemption. “Although we are pleased at this point, we know we are not fully out of the woods. There are still committees at work, the House will need to pass the bill and of course the Senate will need to act as well,” said Brandon Luetkenhaus, chief advocacy officer of the League.
Since launching the Don’t Tax My Credit Union campaign, more than fifteen hundred (1,500) Nebraska credit 
union members have reached out directly to their Congressman and two U.S. Senators. Congressman Adrian Smith serves on the chief tax writing committee in Congress, the Ways and Means Committee. “Congressman Smith’s support of credit unions over his years of service in Congress has been steady and we thank him for his ongoing support,” said Luetkenhaus.
The House Budget Committee passed their portion of the bill in a narrow vote. The next step will be consideration by the Rules Committee. Republican House leadership’s goal is to have a vote on the floor of the House by Memorial Day.
