Taxation Equality Awareness Campaign
Leveling the Playing Field With the Competition
The South Dakota Bankers Association (SDBA) believes that special tax breaks granted to credit unions and the Farm Credit System have outlived their purpose and should be eliminated by Congress. Special tax and regulatory breaks have been granted to credit unions and Farm Credit offices for decades, giving them an unjustified advantage in the marketplace.
Members of the SDBA have launched a public campaign to help increase awareness of these tax inequities and to draw attention to lost local revenue opportunities resulting from archaic pieces of the federal tax code. Their goal is to help convince Congress to remove outdated and costly tax exemptions that credit unions and Farm Service offices have enjoyed for generations.
The price of tax inequity in the financial sector is high. Exemptions enjoyed by credit unions and Farm Credit institutions cost the federal treasury $3.4 billion a year and the South Dakota treasury $1.3 million a year. In addition, schools, cities, towns, townships and counties in South Dakota lose $3.7 million a year.
South Dakotans can help correct injustices in taxation by encouraging members of Congress to take action. For more information, contact your local banker.
- Presentation Resources for Bankers
- Resources for the Public
- Resources for the Media
- Campaign Correspondence
- Send a Letter to Members of the SD Congressional Delegation
Local Meeting Recordings
Please see below the link to the Brookings City Council Study Session held November 19, 2013 where Kevin Tetzlaff gave the SDBA’s Taxation Awareness Campaign presentation. This link will take you directly to the start of Kevin’s presentation, followed by a representative from Farm Credit Service of American and finally a representative from the Credit Union Association of the Dakotas. Once this portion of the meeting is over (2:18:40), you will want to jump to time stamp 3:17:15. There is additional discussion at the end of the Council meeting related to the decision to bring forth our resolution at their December 10th meeting.
City Council Decision:
Pierre Capital Journal - 11/5/2013
Brookings Register - 11/6/2013
Questions, contact the South Dakota Bankers Association at (605) 224-1653 or send us an email.