Bill pitting banks against credit unions advances

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A Senate panel on Tuesday passed out a bill that the banks and credit unions have been wrestling over this session and could cost the state treasury millions.

The Senate financial institutions committee approved legislation that banks say puts them on even ground with credit unions, which don’t pay state or federal income taxes.

The credit unions, however, said the legislation would tilt the credit marketplace in favor of the banks, allowing them to enjoy not-for-profit benefits even if they're for-profit.

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