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Utah House splits over credit-union changes as lawmakers debate task force vs. 5% franchise tax
Summary
The House spent the bulk of the session debating House Bill 162, a complex proposal that would revise credit-union rules and includes a 5% corporate franchise tax in one substitute; a substitute motion to instead send the issue to a task force without preset penalties drew extensive floor debate and multiple votes.
Representative John Alexander (sponsor) reopened debate on House Bill 162 on Presidents' Day, defending substantial changes to credit-union law and saying the latest substitute reflected careful work to define membership, ownership and control in the sector. The measure's tenth substitute includes a provision to levy a 5% corporate franchise tax on certain credit unions; opponents said the tax prejudges the outcome of any future study, while supporters argued the tax is a necessary limit on institutions that have outgrown their cooperative roots.
Supporters of sending the issue to a task force without statutory penalties—led by Representative Hansen and backed by Representatives Becker, Wallace and others—said the Legislature has not done a comprehensive, neutral study in two decades and that a freestanding task force would gather evidence, assess…
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