PRESS RELEASE
January 15, 2008
ARLINGTON, Va. — A complaint was filed in federal court January 15 by Community First Credit Union in Appleton, Wisconsin against the Internal Revenue Service (IRS) on unrelated business income tax (UBIT). Community First is seeking a refund of taxes paid on income from several insurance products subject to UBIT.
NASCUS President and CEO Mary Martha Fortney issued the following statements regarding the UBIT litigation. NASCUS is a member of the UBIT Steering Committee.
“State regulators and state legislators have long recognized that credit unions must evolve their products and services to meet the needs of their members,” said Fortney. “The IRS must understand that credit unions offer certain products to their members in an effort to promote thrift and savings, as a part of the credit union’s purpose.”
“NASCUS and other members of the UBIT Steering Committee disagree with the IRS’ interpretation of what’s related to a credit union’s business and support this lawsuit and other continued efforts to challenge UBIT.”
NASCUS is the professional association of the 48 state and territorial agencies that charter, examine and regulate the nation’s more than 3,300 state-chartered credit unions.
Information
Contact:
Kate Hartig, Director, Communications and Public Affairs,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system. Founded in 1965, NASCUS
represents all 48 state and territorial credit
union supervisors and the NASCUS Credit Union
Advisory Council, which is made up of nearly
500 of the nation's more than 3,300 state-chartered
credit unions.
|
