{
  "id": "R44439",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "R44439",
  "active": true,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 451285,
      "date": "2016-03-31",
      "retrieved": "2016-04-06T16:48:52.943940",
      "title": "Taxation of Credit Unions: In Brief",
      "summary": "[suppress summary]\nCredit unions are financial cooperatives organized by people with a common bond; they are the only depository institutions exempt from the federal corporate income tax. As financial cooperatives, credit unions only accept deposits of members and make loans only to members, other credit unions, or credit union organizations. At the inception of the federal income tax, credit unions along with thrifts and other mutual financial institutions were exempt from federal tax. Subsequent developments have seen thrifts and other mutual financial institutions lose their exemption. Consequently, the exemption of credit unions from federal income taxes has been questioned. If this exemption were repealed, both federally chartered and state-chartered credit unions would become liable for payment of federal corporate income taxes on their retained earnings but not on earnings distributed to depositors. For FY2015-FY2019 the Joint Committee on Taxation estimates that federal taxation of credit unions would yield revenue of approximately $12.7 billion.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": true,
      "formats": [
        {
          "format": "HTML",
          "encoding": "utf-8",
          "url": "http://www.crs.gov/Reports/R44439",
          "sha1": "a1a4898aa23c410eff8e454b64b3c23aab7f4292",
          "filename": "files/20160331_R44439_a1a4898aa23c410eff8e454b64b3c23aab7f4292.html",
          "images": null
        },
        {
          "format": "PDF",
          "encoding": null,
          "url": "http://www.crs.gov/Reports/pdf/R44439",
          "sha1": "88187bc772927b3be4e326cdebf9bd6dc5eaf3e3",
          "filename": "files/20160331_R44439_88187bc772927b3be4e326cdebf9bd6dc5eaf3e3.pdf",
          "images": null
        }
      ],
      "topics": []
    }
  ],
  "topics": [
    "Economic Policy"
  ]
}