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Taxes and our credit unions

The proposed law, HB162, involving the taxing of our Utah credit unions has been an on going debate for some time. HB162 is a bill that would add 30% tax to those credit unions with a net income of one hundred million dollars a year.

1.This bill would affect Mountain America Credit Union, America First Credit Union, Goldenwest Credit Union.

2.The money acquired from the state’s business income tax would go to the Uniform School Fund.

3.The bill would prevent credit unions from opening new branches, merging with other credit unions, or offering commercial loans.

·        More than 600,000 Utahans are members of a credit union and would be taxed.

·        Seventy percent of Utah citizens are credit union members

·        Currently credit unions have the most beneficial rates for consumers and small businesses, with these new taxes, rates would greatly change.

·        The values of those who created this system would be greatly affected.

·        By adding these new taxes a credit union will no longer be what it was intended for. It would be a bank.

Lower taxes on banks. By doing this it would give banks and credit unions a more equal playing field.

Adjust the proposed tax for credit unions. Rather than the 30% tax, a significantly lower tax would make members happier.

Partnerships between banks and credit unions. This would make both parties feel equal.