UPDATE: Thomas targets tax status of not-for-profits

(From CUNA News Now)

WASHINGTON (3/2/04, UPDATED AT 4:45 p.m. ET)--House Ways and Means Committee Chairman Bill Thomas (R-Calif.) cited credit unions among the groups whose tax-preferred status should be examined to "determine if the ‘societal good' that they provide warrants their special treatment," according to a report in this afternoon's edition of Congress Daily.

During a speech to the Federation of American Hospitals, Thomas said "many organizations had strayed from the original purposes for which they were given preferential tax treatment, citing not-for-profit hospitals and credit unions as businesses that have come to resemble their for-profit peers," according to Congress Daily.