Illinois Bankers Association

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

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Contact your legislators and ask why credit unions don't pay taxes, while businesses and families like yours pay their fair share.