Congress and the Treasury Department use different methodologies in estimating tax revenue. The Biden Administration is likely to use the Treasury Department’s figures when it releases its FY24 budget plan next year.
Congressional tax-writing committees meanwhile are likely to use the Joint Tax Committee’s figures in calculating the impact of tax policies. The joint committee is made up of members of both houses.
Banking trade groups in the past have used various estimates of the cost of the tax exemption to argue that credit unions should be subject to federal income taxes.