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Controversial Credit Union Bill Introduced on Capitol Hill

Controversial Credit Union Bill Introduced on Capitol Hill

Updated - Jan. 22, 2003 at 8:04 a.m. | Posted - Jan. 22, 2003 at 8:04 a.m.



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(Salt Lake City, KSL-TV News) -- A bill that would make Utah's largest credit unions subject to a corporate franchise tax has been introduced in the Legislature. The issue is expected to be one of the most hotly debated this year.

Under the terms of the bill, credit unions with assets totaling more than $100 million, and operations in more than one county would be taxed.

Also, credit unions wishing to expand or merge with other credit unions would be subject to a "competitive equity fee."

Credit unions serving statewide associations would be exempt.

One credit union representative says that any tax or fee put on credit unions will be put on Utah families.

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