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Credit union tax bill draws banking industry support and credit union opposition in House Finance hearing
Summary
House Bill 15 06 would remove the B&O tax exemption for state‑chartered credit unions that merge with or acquire a bank regulated by the Department of Financial Institutions, applying a 1.2% B&O rate to the credit union's gross income in those cases. Supporters (community and mutual banks) said the measure corrects a competitive advantage; credit
House Bill 15 06 prompted a contested hearing Feb. 18 with industry groups on both sides of the aisle. The bill would require a state‑chartered credit union that merges with or acquires a bank regulated by the Department of Financial Institutions to pay the business and occupation (B&O) tax at a 1.2% rate on gross income beginning Oct. 1, 2025.
Proponents — including the Community Bankers of Washington, Washington Bankers Association and…
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