Freshman U.S. Congressman Kerry Bentivolio has issued a strong statement of support for the federal credit union tax exemption.
“Just as the House of Representatives is the ‘People’s House,’ credit unions should be called the ‘people’s financial institution,’ ” Bentivolio, R-Milford, said. “They don’t make decisions due to the pressures of a board room or a shareholder meeting. Instead, they represent their customers, providing customer service while expanding opportunity for their communities.
“I think it’s pretty clear that credit unions are not banks,” he added.. “To tax a nonprofit credit union is akin to increasing taxes on millions of Americans, which I will not stand for.”
MCUL & Affiliates CEO David Adams said the credit union movement appreciates Bentivolio’s enthusiasm for the industry.
"As a freshman Congressman, Bentivolio is already making a real impact in Washington. He is trying to change the way government operates by favoring a less intrusive and more supportive environment for both consumers and small businesses,” Adams said. “This strong statement on the credit union tax exemption is consistent with the ideals he brings to Congress. More capital is needed and fewer regulations for small businesses and the local financial institutions who serve them. This tax policy provides an incentive for credit unions to do more through the credit union charter to meet the needs of a struggling economy. Credit union leaders in his district and throughout Michigan are thankful for this clear statement of support on their most important legislative issue."
Bentivolio, a former small business owner, is also a cosponsor of legislation to increase the cap on member business lending and he has voiced his support for other credit union-friendly policies.