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The Federal Income Tax Exemption Of Credit Unions
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Book Synopsis Review of Credit Union Tax Exemption by : United States. Congress. House. Committee on Ways and Means
Download or read book Review of Credit Union Tax Exemption written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 2006 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Federal Income Tax Exemption of Credit Unions by : Donald J. Melvin
Download or read book The Federal Income Tax Exemption of Credit Unions written by Donald J. Melvin and published by . This book was released on 1981 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Review of credit union tax exemption : hearing before the Committee on Ways and Means, U.S. House of Representatives, One Hundred Ninth Congress, first session, November 3, 2005. by :
Download or read book Review of credit union tax exemption : hearing before the Committee on Ways and Means, U.S. House of Representatives, One Hundred Ninth Congress, first session, November 3, 2005. written by and published by DIANE Publishing. This book was released on with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Should Credit Unions Be Taxed?. by :
Download or read book Should Credit Unions Be Taxed?. written by and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit unions are financial cooperatives organized by people with a common bond; they are the only depository institutions that are exempt from the federal corporate income tax. As financial cooperatives, credit unions only accept deposits of members and make loans only to members, other credit unions, or credit union organizations. Many Members of Congress advocate a reliance on market forces rather than tax policy to allocate resources. Furthermore, some Members of Congress are interested in additional sources of revenue in order to either reduce the deficit, offset the cost of higher federal outlays, or make up for tax cuts elsewhere. Consequently, the exemption of credit unions from federal income taxes has been questioned. If this exemption were repealed, both federally chartered and state-chartered credit unions would become liable for payment of federal corporate income taxes on their retained earnings but not on earnings distributed to depositors. For FY2006 (October 1, 2005 through September 30, 2006), the Department of the Treasury estimates that federal taxation of credit unions would yield revenues of approximately $1.39 billion. For FY2007 (October 1, 2006 through September 30, 2007), the Joint Committee on Taxation estimates that federal taxation of credit unions with assets of $10 million or more would yield revenue of approximately $1.3 billion. Credit unions differ in some aspects from other providers of financial services, but financial deregulation continues to lessen these differences. Deregulation has resulted from new legislation and decisions of regulatory agencies. Proponents of the taxation of credit unions argue that deregulation has led to vigorous competition between credit unions and other depository institutions. They maintain that the tax exemption gives credit unions an unfair competitive advantage over other depository institutions, and there is no market failure that justifies government intervention with a tax subsidy. Supporters of the tax exemption claim that, despite deregulation, credit unions are still unique depository institutions. They assert that the purpose of credit unions is to serve the financial needs of their members rather than to maximize profits. They argue that taxation would eliminate this service character of credit unions. In the 109th Congress, as of May 23, 2005, no legislation concerning the tax exempt status of credit unions has been introduced. Treasury Secretary John Snow has made statements that appear to indicate that the Bush Administration supports the tax exemption for credit unions. In the future, technological change and deregulation will likely further increase competition between credit unions and other depository institutions. The income tax exemption for credit unions, therefore, likely will be the subject of further debate. This report is a broad examination of the issues underlying proposals to tax credit unions. It does not track specific legislative proposals. The report will be updated, however, in the event of significant legislative activity.
Book Synopsis IRMs 7.25 by : United States. Internal Revenue Service
Download or read book IRMs 7.25 written by United States. Internal Revenue Service and published by . This book was released on 2004-12-20 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Institutions: Issues Regarding the Tax-Exempt Status of Credit Unions by :
Download or read book Financial Institutions: Issues Regarding the Tax-Exempt Status of Credit Unions written by and published by DIANE Publishing. This book was released on 2005 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Federal Income Tax Exemption of State Chartered Credit Unions and Similar Organizations by : Conrad Rosenberg
Download or read book Federal Income Tax Exemption of State Chartered Credit Unions and Similar Organizations written by Conrad Rosenberg and published by . This book was released on 1968 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Manual Transmittal, IRM 7.25.14. Exempt Organizations Determinations Manual..., December 20, 2004 by :
Download or read book Manual Transmittal, IRM 7.25.14. Exempt Organizations Determinations Manual..., December 20, 2004 written by and published by . This book was released on 2005 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial institutions issues regarding the taxexempt status of credit unions : testimony before the Committee on Ways and Means, House of Representatives by :
Download or read book Financial institutions issues regarding the taxexempt status of credit unions : testimony before the Committee on Ways and Means, House of Representatives written by and published by DIANE Publishing. This book was released on with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competitive Advantage by : John Tatom
Download or read book Competitive Advantage written by John Tatom and published by . This book was released on 2006 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates the federal tax exemption for credit unions. It reviews the industry's history, its unique exemption, the motivation behind this tax treatment, the eroding case for special treatment, the size of the tax break and its effects on credit unions, their competitors, and their members.Credit unions are growing rapidly, and so is the associated tax loss to the federal Treasury caused by their exemption. Indeed, the tax loss over the five-year period 2004-2008 is estimated in this study to be $12.6 billion. Extended over the typical ten-year federal budget window, the tax loss reaches $31.3 billion, the size of the tax loss is substantially higher than official estimates. Equity holders of credit unions receive the tax saving as unusual returns, which show up as unusually large retained earnings. The shareholders' extra income reinvested in the credit union provides new capital that allows the credit union to grow faster than other institutions. Of the 50 basis points in subsidy that the tax exemption provides, at least 33 basis points accrue to owners in the form of larger equity and larger assets. Approximately 6 basis points may accrue to credit union borrowers through lower interest rates, and not more than 11 basis points are absorbed by higher labor costs. There is little or no effect on deposit rates or other costs. Removing the credit unions' tax exemption would create a more equitable tax system and help level the playing field with other financial institutions. It would also raise about $2 billion in tax revenue each year, either directly from credit unions or from more profitable and more highly taxed banks, where some credit union deposits and assets would migrate in a competitive market. Finally, it would raise the rate of return on some $65 billion of capital that is squirreled away in credit unions, earning lower rates of return than would be the case at taxpaying banks. The unusually high equity ratio of credit unions would be reduced; and management of capital costs would make credit unions more efficient, perhaps lowering operating costs and interest rates on deposits and raising rates on loans, at least in some markets. Also, credit unions would manage risk and return more efficiently, increasing the value of their franchises to their owners, despite smaller relative size and slower growth.
Download or read book NCUA Letter to Credit Unions written by and published by . This book was released on 1988-06-03 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Economic Analysis of the Operations and Federal Tax Exempt Status of Credit Unions by : Neal Riden
Download or read book An Economic Analysis of the Operations and Federal Tax Exempt Status of Credit Unions written by Neal Riden and published by . This book was released on 1964 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rules and Regulations for Federal Credit Unions by : United States. Bureau of Federal Credit Unions
Download or read book Rules and Regulations for Federal Credit Unions written by United States. Bureau of Federal Credit Unions and published by . This book was released on 1960 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Repealing the Federal Tax Exemption for Credit Unions by : York
Download or read book Repealing the Federal Tax Exemption for Credit Unions written by York and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rules and Regulations for Federal Credit Unions Including Internal Revenue Ruling of Filing Form 990 "Return of Organization Exempt from Filing Income Tax". by :
Download or read book Rules and Regulations for Federal Credit Unions Including Internal Revenue Ruling of Filing Form 990 "Return of Organization Exempt from Filing Income Tax". written by and published by . This book was released on 1960 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rules and Regulations for Federal Credit Unions by :
Download or read book Rules and Regulations for Federal Credit Unions written by and published by . This book was released on 1960 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exempt Organizations Handbook by : United States. Internal Revenue Service
Download or read book Exempt Organizations Handbook written by United States. Internal Revenue Service and published by . This book was released on 2003 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: