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Rationalizing The Credit Union Tax Exemption

Published onAug 07, 2022
Rationalizing The Credit Union Tax Exemption

19 Wake Forest J. Bus. & Intell. Prop. L. 158

Credit unions’ tax-exempt status has come under consistent scrutiny
by the American Banker Association and its lobbied for Congressmen.
However, the tax-exemption is crucial to the continuation of the credit
unions purpose. While Congress has put forth an explanation for why
credit unions are tax-exempt, there has been no rationale or
justification for this explanation. This paper gives two rationales for
continuing the current tax exemption for credit unions, specifically
those with Community Development Credit Union and Low-Income
Credit Union designations. In conclusion, not only is the tax-exempt
status valid, but it is necessary given the impact credit unions have on
the financial security and stability low-income individuals.

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