Newsroom
March 25, 2014
Camp tackling tax extenders, eyes broad tax reform
March 26, 2014 – House Ways and Means Chairman Dave Camp, R-Mich., announced his plan in a letter to panel members Monday to move policy by policy to determine which tax extenders should be made permanent in a move toward broad tax reform.
"I think we can all agree that a short extension of tax policies is no way to legislate and is even worse for the families and businesses who utilize those tax benefits," Camp wrote. "Moreover, it further confuses the debate as to what the real revenue baseline is. It is time for clarity in both policy and baseline."
Camp plans to begin his work on the extenders at the beginning of April by having his committee hold meetings with the Joint Committee on Taxation, hold public hearings on specific portions of the bill and begin moving legislation through the committee that paves the way for broader tax reform.
Senate Finance Committee Chairman Ron Wyden, D-Ore., announced last month his plans to address a package of the expired tax extenders as a "bridge to broader reform."
NAFCU continues to hear from lawmakers that credit unions' exemption from federal corporate income tax is safe. Still, the association will keep a watchful eye on other changes that may have an impact on credit unions, including through action on the expired tax extenders that Wyden, and now Camp, plan to address.
One such expired tax extender was a tax break benefiting underwater homeowners who received principal forgiveness mortgage modifications. This is one of the more than 50 deductions and credits that expired at the close of 2013.
"I think we can all agree that a short extension of tax policies is no way to legislate and is even worse for the families and businesses who utilize those tax benefits," Camp wrote. "Moreover, it further confuses the debate as to what the real revenue baseline is. It is time for clarity in both policy and baseline."
Camp plans to begin his work on the extenders at the beginning of April by having his committee hold meetings with the Joint Committee on Taxation, hold public hearings on specific portions of the bill and begin moving legislation through the committee that paves the way for broader tax reform.
Senate Finance Committee Chairman Ron Wyden, D-Ore., announced last month his plans to address a package of the expired tax extenders as a "bridge to broader reform."
NAFCU continues to hear from lawmakers that credit unions' exemption from federal corporate income tax is safe. Still, the association will keep a watchful eye on other changes that may have an impact on credit unions, including through action on the expired tax extenders that Wyden, and now Camp, plan to address.
One such expired tax extender was a tax break benefiting underwater homeowners who received principal forgiveness mortgage modifications. This is one of the more than 50 deductions and credits that expired at the close of 2013.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Get daily updates.
Subscribe to NAFCU today.