Advocacy Home › Credit Unions Illinois Credit Unions Information | Illinois Bankers Association Illinois' credit unions Here are the facts: 2016 Taxes Paid - Illinois Banks $1.4 billion vs. Illinois Credit Unions $0 As Congress negotiates a tax reform compromise, it is imperative that Illinois’ Members of Congress hear from bankers about how taxpayers are subsidizing credit unions. Now is the time to demand that all financial institutions should operate under the same tax framework. Our nation’s 281 multi-billion dollar credit unions, including seven in Illinois, no longer deserve preferential tax treatment. These large, fast-growing credit unions consume 75% of the $35 billion credit union industry’s tax subsidies. They are essentially banks that don’t pay taxes! The tax reform process is intended to broaden the tax base while lowering rates to foster economic growth. For these goals to be achieved, no industry should get a free pass, and it is entirely appropriate for Congress to scrutinize and reform credit unions’ tax subsidies. Key Points 2017 Full Study The Real Story What Others Are Saying Multi-Media Resources Billboards Billboard Samples Radio Ads Listen to Radio Ad Television Watch Commercials Letters, Articles and Studies Credit Union Industry is Evolving in Ways That Takes Many Credit Unions Further From Their Original Tax-Exempt Purpose By Orrin Hatch, Chairman A Chance for Tax-Exemption Redemption By Diana Furchtgott-Roth Potential Illinois Income Tax Revenue - COGFA Study ABA/ICBA Joint Letter - NCUA Field of Membership Proposal State Can't Afford to Subsidize Credit Union Industry State Journal Register Guest Editorial Have Credit Unions Become Stealth Banks? Bloomberg Businessweek Article Share Your story! Contact your legislators and ask why credit unions don't pay taxes, while businesses and families like yours pay their fair share.