Original Source Material
A 1.2% tax applies to gross income generated from such transactions, meaning there are no deductions for labor and materials, to deals submitted for regulatory approval after Jan. 1, 2026.
Washington state credit unions buying banks face new tax
Summary
- A 1.2% tax applies to gross income generated from transactions where Washington state credit unions buy banks.
- The tax will be effective for deals submitted for regulatory approval after January 1, 2026.
Why It Matters for Texas Credit Unions
The article specifically mentions Washington state and is not relevant to Texas credit unions.