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House Finance Committee unanimously approves bill to reduce mutual thrift institutions tax and expand NOL carryovers
Summary
House Bill 788, which aligns the mutual thrift institutions tax reduction schedule with the corporate net income tax and extends net-operating-loss carryovers from three to six years, passed the Finance Committee unanimously after an amendment accelerated the schedule and extended NOL carryovers.
The House Finance Committee unanimously approved House Bill 788 as amended, a bipartisan measure to reduce the mutual thrift institutions tax and extend net operating loss (NOL) carryover rules for mutual thrift banks.
Representative Mursky, a co-prime sponsor, said the bill would bring the mutual thrift institutions tax rate in line with the corporate net income tax rate over several years and emphasized mutual banks’ role delivering financial services to communities that lack larger commercial banks. Mark Forman, the committee’s senior executive director, summarized Amendment 02389, which moves the start of the scheduled reduction to 2026, adjusts the rate for the current year to 8.55 percent, continues the multi-year reduction to 4.99 percent by 2033, and increases NOL carryovers from three to six years.
The committee adopted Amendment 02389 unanimously and then passed HB 788 as amended by unanimous vote. The transcript records the amendment and final passage as unanimous decisions. The measure was described as providing financial relief to community-based mutual banks and preserving their lending role in local economies.
What comes next: With unanimous committee approval, HB 788 will be placed on the House calendar for further consideration, subject to scheduling by House leadership.
