A bill to exempt from Federal income taxation certain nonprofit corporations all of whose members are tax-exempt credit unions.

[AI summary unavailable — showing source text] Exempts from Federal income taxation, under the Internal Revenue Code, a corporation organized and operated for mutual purposes and without profit for the purpose of providing, either or both, reserve funds for, and insurance of, shares and deposits in credit unions which have no capital stock and are organized and operated for mutual purposes and not for profit.…