SDBA Taxation
Equality Awareness Campaign

Today, the average American family will pay $14,057 in federal income taxes. The $1 trillion credit union industry will pay $0. Credit Unions—it’s time to pay your fair share! This message is brought to you by your local tax-paying banks.

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 Their goal is to help convince Congress to remove outdated and costly tax exemptions that credit unions and Farm Service offices have enjoyed for generations.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.

Questions, contact the South Dakota Bankers Association at (605) 224-1653 or send us an email.