Don't Tax My Credit Union - Advocate For Credit Unions

YOU Can Help the "Don't Tax My Credit Union" Movement

As a valued member of Health Advantage Credit Union, we want to keep you informed about an important challenge facing credit unions across the nation. Legislators in Washington, D.C., will be considering tax reform over the next few months as part of a broader deficit reduction strategy. Unfortunately, some banks and their trade associations are using this as an opportunity to question why credit unions are exempt from paying corporate income tax. They argue that credit unions aren’t contributing equally. If they get their way, 143 million hardworking Americans will pay the price with higher costs, fewer services and less access to financial support.

Health Advantage Credit Union has proudly served our community for 55 years as a member-owned cooperative. Our mission is centered around you—our member-owners—not profit-driven motives.

Why Are Credit Unions Tax-Exempt?

Credit unions are structured differently from banks, which is why they’ve been exempt from corporate income tax. Here are a few key reasons:

Not-for-Profit Operations: Unlike banks, credit unions operate as not-for-profit entities. Instead of maximizing profits for shareholders, we reinvest earnings to:
- Maintain higher capital levels for financial stability.
- Offer better rates on deposit and loan products to our members.
We Pay Our Fair Share: Credit unions contribute significantly to local and national economies by paying payroll, property, and other taxes.
Economic Impact: By offering competitive rates and affordable financial services, credit unions help consumers retain more of their hard-earned wages—money that often goes back into the local economy.
Fostering Competition: Credit unions provide an essential source of consumer credit and foster competition, keeping larger financial institutions in check.

Although Congress has ratified our exemption several times over the years, we’re concerned about the current situation. There is a risk that legislators won’t prioritize this exemption as highly as others they deem important. It’s more critical than ever to let them know why this exemption still matters.

How You Can Help

Credit unions are actively working to ensure legislators understand why this exemption matters. However, the most compelling voices come from people like you, our valued members. By contacting your representatives, you can help ensure they prioritize the credit union tax exemption. There are 4,617 credit unions in the United States, with 1.2 million jobs provided by credit unions nationwide. There are more than 140 million Americans served by credit unions.

Here’s how you can make an impact:

Visit www.DontTaxMyCreditUnion.org.
Send a quick message to your lawmakers through America's Credit Union's Grassroots Action Center and tell them - “Don’t Tax My Credit Union – It’s a Tax on Me.”
Share this initiative with family and friends who are also credit union members.

Take Action

Protecting Our Future Together

At Health Advantage Credit Union, we’re dedicated to your financial well-being, and that includes standing up for policies that allow us to serve you better. Thank you for taking the time to learn about this critical issue and for joining us in protecting the credit union difference.

Together, we can ensure that credit unions like ours remain a strong, vibrant alternative to traditional banks—now and for generations to come.

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