Did you know? 183 banks in Iowa are structured as Subchapter S corporations and avoid paying $63.8 million in federal corporate income taxes annually.

This week, Iowa Senate Republicans introduced their tax reform bill, which includes a tax increase on credit unions. We need your help! Credit unions and banks have always been taxed differently because of our structure – credit unions are not-for-profit cooperatives while banks are owned by stockholders. This bill is a result of Iowa bankers lobbying to eliminate competition and increase stockholder profits.

As a member of your credit union – your voice matters – as any tax increase is ultimately a tax on you, our owners! The tax bill is moving quickly so we need to act fast. Please contact your State Senator today and ask them to oppose Senate File 2383, which raises credit union taxes. We have made it easy to send your Senator an email: click here to edit and send an electronic message. Once you’ve sent your message, check out ProtectFinancialChoice.com to stay up-to-date on this important issue.