Don't Tax My Credit Union
As not-for-profit and member-owned financial cooperatives, credit unions are exempt from paying income tax. This allows credit unions to return revenues back to their members in the form of better rates, lower and fewer fees, and innovative products and services to better serve members. Cred
it unions pay other taxes, including local and property taxes, as well as payroll taxes. Members also pay taxes on their dividends. Unfortunately, some members in Congress feel that this is not enough, and are seeking to impose a federal income tax on credit unions for the first time.
If credit unions were to pay income tax, your credit union, as well as others, would have to pass their tax payments onto you in the form of higher fees, higher loan rates, and lower savings dividends. Taxing credit unions would not affect the amount of tax you pay as an individual, but would affect how much you pay for credit union loans as well as how much you earn on your deposits.
You can follow the latest news for "Don't Tax My Credit Union" on Facebook and Twitter with the hash tags #donttaxmycu and #donttaxtuesday. Your involvement is appreciated and critical to the success of credit unions nationwide. Here is what you can do:
- Call 1-877-642-4223 for some background information on Don't Tax My Credit Union. You will then be connected to one of your representatives after entering your zip code. While you won't speak directly to a representative, you can leave them a message - it can be as simple as "please do not tax my credit union by removing the credit union tax exemption!"
- Stop by your local NDFCU branch to sign a letter to your representatives. We have these letters already printed and ready for you, and we will even address and mail them to the representatives!
- If you can't make it to your branch, you can download one of the letters below, which you can print, sign, and mail to your representative.
- Spread the word to friends and family! Let them know how important this issue is and encourage them to contact Congress to tell them not to remove the credit union tax exemption.
Download a letter: Letter for Senator Susan Collins Letter for Senator Angus King Letter for Congressman Mike Michaud Letter for Congresswoman Chellie Pingree
For more information on Don't Tax My Credit Union, visit www.donttaxmycu.org.