<p>LATHAM, N.Y. – A 14-member group of representatives from the New York State Credit Union League and credit unions "Hiked the Hill" in Albany recently to advocate for sales tax exemption for state-chartered CUs and to urge authorization of credit union participation in the Excelsior Linked Deposit Program. The group visited 19 offices during the day to discuss CU issues. They met personally with Sen. Neil Breslin (D-Capital), Assemblyman Mike Cohen (D-Metro), Assemblyman James Hayes (R-Buffalo), Senator Raymond Meier (R-Utica-Rome), Sen. Nellie Santiago (D-Metro), and Assemblyman David Townsend, Jr. (R-Utica-Rome). They also met with the staff of various state senators and assemblymen. Under current New York State law, SCCUs are required to pay state sales and use taxes, while federal credit unions do not. The league argues that tax parity would benefit SCCU members since any savings achieved by the CU would be returned to them in the form of better savings and loan rates and improved services. The Excelsior Linked Deposit Program makes more capital available and affordable to small businesses by leveraging state resources. Eligible businesses can receive loans that are two to three percentage points lower than the prevailing rate. There are 38 SCCUs in New York State.</p>
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