Original Source Material
A 1.2% tax applies to gross income generated from such transactions, meaning there are no deductions for labor and materials, to deals submitted for regulatory approval after Jan. 1, 2026.
Washington state credit unions buying banks face new tax
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Operational Brief
A 1.2% tax applies to gross income generated from transactions where Washington state credit unions buy banks, effective for deals submitted after Jan. 1, 2026; no deductions are allowed.
Why It Matters for Texas Credit Unions
The article specifically mentions Washington state and does not reference Texas or any Texas-specific entities.
Limited site guidance: Institutions should review this based on their own products, size, vendors, and supervisory posture.
The item has some Texas or operational relevance signals, but the site does not yet have enough support to narrow it to one institution profile with confidence.
This is site guidance, not a formal determination. Banking Dive and the original source material remain the governing reference.
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