Financial Institutions: Issues Regarding the Tax-Exempt Status of Credit Unions

Unlike other depository institutions, credit unions are exempt from federal corporate income taxes. The report addresses the historical basis for the tax-exempt status of credit unions; the arguments for and against taxation, including estimates of potential revenue from eliminating the exemption; the extent to which credit unions offer services distinct from those offered by banks of comparable size, and serve low-and moderate-income individuals; and the extent to which credit unions are required to report information on executive compensation and assessments of their internal controls.

Provided by: U.S. General Accounting Office Topic: Software Date Added: Nov 2005 Format: PDF

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