Iowa Voters Approve Constitutional Amendment that Protects Credit Union Members from Tax Increases
POSTED on November 9, 2026 IN ICUL
Iowa voters approved a constitutional amendment by 56% that will protect credit union members from future tax increases during last week's election.
IOWA - Iowa voters approved a constitutional amendment by 56% that will protect credit union members from future tax increases during last week’s election.
The Iowa Credit Union League has worked closely with state lawmakers on this initiative for several years. The resolution had to pass two consecutive General Assemblies to get on the general election ballot in November. The legislature passed House Joint Resolution 2006 in 2024 and then Senate Joint Resolution 11 in 2026, enabling it to get on this year’s ballot.
The ballot measure stated “Passage of a bill that increases the individual income tax rate or the corporate income tax rate, or the rate of any other type of tax based upon income or legal and special reserves, shall require the affirmative votes of at least two-thirds of the members elected to each house of the general assembly.”
“The constitutional amendment passing is a significant win for credit union members in Iowa, and ensures that our movement’s tax status as a member-owned cooperative stays intact for years to come,” said Murray Williams, President & CEO of the Iowa Credit Union League. “With many Iowans struggling with the cost of living, credit unions will continue to advocate for their members to ensure they can keep more of their hard-earned money in their pockets.”
The ballot measure brings significant benefits to credit union members by ensuring the Iowa legislature could no longer raise the moneys and credits tax with a simple majority vote. Instead, it would take a 2/3rds vote of the legislature to pass it, along with any other increase to individual tax rates and corporate income tax rates as a result of this resolution. This ensures the credit union cooperative tax structure is afforded constitutional protection to a high degree, protecting member-owners of their financial cooperatives from potential future increases.