Iowa banks are calling to “level the playing field” against credit unions in the state, saying they do not pay equally in taxes. The Des Moines Register reports that the Iowa Bankers Association as released numerous ads saying that credit unions should also be subject to the 5% franchise tax applied to banks.
Kim Fettkether, Manager of Strategic Development for The Veridian Group in Waterloo, explains how credit unions in Iowa, such as Veridian, are taxed by state compared to banks:
The Iowa Credit Union League argues they should continue to be exempt from the state’s bank taxes, and says they will oppose any tax reform bills in the legislature.