CU Turns Down Tax Incentive, In Part, To Make Point

Pipoli, Renzo
February 2005
Credit Union Journal;2/21/2005, Vol. 9 Issue 7, p1
Trade Publication
The article reports that the $2-billion Randolph Brooks Federal Credit Union decided against asking for a tax incentive for which it was eligible, in part to show that credit unions do pay taxes and also to give back something to a city that helped it during construction. John Kelly, senior vice president for planning at Randolph said that he felt that the banks lie about credit unions not paying taxes and he wanted to dramatically and emphatically make that point. While he declined to estimate the amount that would have been saved, he said that it may have been "considerable," as the credit union built a 20-acre headquarters office where employment will eventually rise to more than 400 people.


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