Community Bankers of Iowa CEO Dave Caris was interviewed by local ABC affiliate WOI-TV Channel 5 regarding Iowa community banks' stance on a tax reform bill introduced by Iowa Senate Republicans. Click here to view video. SF 2383, a reform package containing language providing tax equity between banks and credit unions, passed the Iowa Senate on a party-line vote of 29-21 and now heads to the House. The legislation proposes to redefine "financial institutions" in Iowa, extends the existing franchise tax to credit unions and adjusts the tax rate based on net income. Banks and credit unions would pay a 2% franchise tax on net incomes below $7.5 million, and a 4% rate on net incomes over $7.5 million. |
by Dave Caris, CEO - Community Bankers of Iowa Tax reform legislation has not yet been introduced in the Iowa Legislature, but the Governor, the House and the Senate are all expected to release their versions of tax reform legislation in the next several weeks. Tax or Ways and Means Committee bills are not subject to the funnel deadlines of the Legislature, so comprehensive tax reform, including the issue of credit union taxation, will be a live issue until the end of the Legislative Session in April. Prior to the introduction of legislation and the resulting debate, the Credit unions have launched a massive media and grassroots campaign in an effort to maintain their "FREE RIDE."
It's important that bankers speak out to policy makers on this critical issue to counter the onslaught of contacts from credit unions. The Iowa Bankers Association has developed an excellent and quick method of finding and emailing your State Legislator to speak out on this issue. Just click here. The IBA and CBI are united on this major issue. We urge you to email your State Senator and Representative and, in your own words, tell them it's time to end the free ride. The following are a few key points you may want to consider:
by Dave Caris, CEO - Community Bankers of Iowa Iowa's credit unions have launched a massive media and grassroots campaign before even seeing legislation to finally require them to pay their fair share of taxes. When you are talking to your employees, friends, neighbors and policy makers about this issue, keep the following key points in mind:
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