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Illinois Bankers Association Releases In-Depth Study of Large Illinois Credit Unions

 

Oct 17 - The Illinois Bankers Association recently commissioned a comprehensive study of Illinois’ largest credit unions and the impact it would have on Illinois tax revenue if those institutions paid income taxes. The report, conducted by Marvin Umholtz, president and CEO of Umholtz Strategic Planning & Consulting Services, Olympia, Wash., provides a data-driven overview of the Illinois credit union industry.

The study reveals that, had the 11 largest federally insured credit unions in Illinois paid state and federal income taxes in 2012, $54 million would have been added to state coffers. That means that every family, every wage earner and every small business owner in Illinois pays more in taxes in order to subsidize the credit union industry.

Among the other findings:

The Executive Summary of the report may be found at https://www.ilbanker.com/Documents/CU_Study_Executive_Summary.pdf. For a complete report, contact the Illinois Bankers Association at 217-789-9340.

 


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