The Senate Build Back Better Act Omits IRS Reporting Provision 2021-12-11
The Senate Finance Committee on Saturday released the tax provisions of the Build Back Better Act without expanding the Internal Revenue Service (IRS) reporting requirements. CUNA, leagues, credit unions and members have helped keep the expanded requirements out of the House Build Back Better Act.
âWe are very pleased that the Senate version of this law omits provisions that credit unions fought to exclude. Policymakers on both sides of the aisle have heard loud and clear that this proposal would have hurt consumers and financial institutions, while undermining financial inclusion, âsaid CUNA President and CEO Jim Nussle . “We will remain engaged as the Senate continues negotiations and considers potential amendments to the text.”
CUNA issued an action alert in September calling on credit unions to comment on the proposal, which would have significantly expanded the information financial institutions would report to the IRS. CUNA has also joined with the American Association of Credit Union Leagues and the 35 leagues to voice their concerns.
Hundreds of members of Congress have written to Treasury officials to oppose the increase in reporting as a result of this CUNA-League pledge, and six champions of credit unions have introduced bills to prevent the implementation. implementation of the proposal.