My recent column on South Dakota’s bank franchise tax drew a response from credit union representatives. Not surprisingly, they don’t agree with my suggestion that banks and credit unions would compete on a more level playing field if they operated under the same tax rules. Currently, credit unions don’t pay either the state franchise tax or federal corporate income taxes.
Robbie Thompson and Jeff Olson of the Credit Union Association of the Dakotas published a guest editorial in the Rapid City Journal on December 7. You can read it here.