The Impact of Credit Unions on South Dakota

South Dakota credit unions’ free ride on federal income taxes doesn’t make sense anymore, and their once-justified special treatment comes at a cost to the American people.

Credit unions deprive the U.S. Treasury of $2.6 billion a year, while taxpayers in every state pick up the slack.

Key Statistics

  • $11,556: Federal Income Taxes Paid Annually by an Average South Dakota Resident Making $64,255/Year

  • $0: Federal Income Taxes Paid by Credit Unions

Recent News and Insights

Black Hills Federal Credit Union Uses Loophole to Stretch Common BondIn 2017, through strategic gerrymandering, Black Hills Federal Credit Union used the district loophole to connect South Dakota’s two largest distinct metropolitan areas by population size. The credit union has used the rural district geographic common-bond to expand its footprint across the state on three different occasions.

Learn more at Reform Credit Unions.

Questions, contact SDBA President Karlton Adam at 605.224.1653 or via email