|"As your Representative, I support credit unions receiving tax exempt status in order to continue the delivery of financial services to those you may find in the First District," wrote Cong. G.K. Butterfield, "and to people that large banking institutions may find financially undesirable."
Congressman G.K. Butterfield (D-1st) stated his support for the credit union corporate tax exemption in a reply letter to a constituent dated August 28, 2013. In the letter to a constituent from Rocky Mount, Cong. Butterfield specifically highlighted the structure and benefits of credit unions in the First District.
The letter shared the not-for-profit, member-owned structure of credit unions, as well as their mission to promote thrift and financial responsibility. Butterfield then stated the role of credit unions in his district.
"The First Congressional District ... is one of the most rural and poorest congressional districts in the nation," Butterfield wrote. "As your Representative, I support credit unions receiving tax exempt status in order to continue the delivery of financial services to communities like those you may find in the First District, and to people that large banking institutions may find financially undesirable."
"We appreciate Congressman Butterfield's strong support of credit unions and the continued exemption from corporate income taxes," said Dan Schline, NCCUL's SVP of Association Services. "His letter once again states the value of the grassroots Don't Tax My CU campaign, and we appreciate everyone who has been engaged on this important issue."
Schline added that a tax bill is expected to be drafted in Congress in the weeks ahead. "It will be difficult for Congress to pass sweeping tax reform anytime soon, but this initial attempt will serve as the legislative road map for the future. As such, it is critical that credit unions continue their vigorous grassroots response in order to avoid being targeted."
To read Congressman Butterfield's letter, please click here.