Provides that if a credit union acquires assets of a banking institution, receipts from the business portfolio acquired from the bank remain subject to the corporate excise tax and corporate activity tax.

Summary

Digest: The Act says that if a credit union buys a bank, certain receipts remain subject to certain taxes. (Flesch Readability Score: 61.6). Provides that if a credit union acquires assets of a banking institution, receipts from the business portfolio acquired from the bank remain subject to the corporate excise tax and corporate activity tax.