Credit unions step up efforts to protect tax-exempt status as large GOP budget bill moves forward

The tax-exempt status of credit unions is on the table as the House Ways and Means Committee begins its markup of the GOP budget reconciliation bill on Tuesday.

"The committee’s portion of the budget reconciliation will contain all matters related to tax, and America’s Credit Unions continues to urge stakeholders to tell members, 'don’t tax my credit union,' as the drafting process enters its final stages," read a post on the website operated by the Credit Union National Association and the National Association of Federally-Insured Credit Unions.

 "More credit unions and leagues engaged with policymakers Thursday, marking three straight days of more than a dozen meetings in Congressional offices," the post read.

The committee is scheduled for a markup of the budget reconciliation bill on May 13, where members will reportedly discuss the tax-exempt status of credit unions.