Credit Union Bill Faces Deciding Moment

Credit Union Bill Faces Deciding Moment

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(Salt Lake City- KSL TV) Today could be the deciding moment for Utah's controversial credit union legislation.

The state Senate will debate the bill today. It has already been approved by the House.

Under the terms of the legislation credit unions with profits over $100-million a year will have to pay a five percent corporate franchise tax. It also limits how credit unions can expand, and calls for a task force to study both issues before they take effect.

Credit unions have fought the bill, saying that the bill will force institutions to pass on higher fees to members.

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