FormCU: Wisconsin Credit Union Declaration of Exempt Status (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Form CU is a credit union’s declaration of exempt status from Wisconsin franchise or income tax. An authorized officer signs it to declare that the credit union had no deposits of public funds during the income year.
Who files this form
Credit unions exempt from Wisconsin franchise or income tax under Chapter 71 of the Wisconsin Statutes should file Form CU instead of a Wisconsin corporation franchise or income tax return, Form 4 or 6.
An authorized officer must declare that the credit union had no deposits of public funds during the income year.
After filing Form CU, the credit union does not need to file Form CU or Form 4 or 6 for subsequent years unless the Department of Revenue requests it or the credit union acts as a public depository.
When it's due
For the 2024 income year, Form CU must be filed on or before April 15 of the year following the income year.
What you'll need
Have the following information ready to complete Form CU:
- Credit union name and mailing address, including suite number and ZIP Code extension if known.
- Income year and year of incorporation.
- Federal employer identification number.
- Wisconsin employer identification number for withholding.
- Seller’s permit or use tax number.
The declaration also requires an authorized officer’s signature, title and date.
How to file
Complete the credit union’s identifying information and income year. Have an authorized officer sign and date the declaration and provide their title.
Mail Form CU to:
Wisconsin Department of Revenue
PO Box 8908
Madison, WI 53708-8908
Common mistakes
- Do not assume exempt status removes future filing requirements. A Wisconsin franchise or income tax return must be filed for any future year in which the credit union’s deposits include public funds.
- Do not overlook a Department of Revenue request to file in a later year, even though annual filing is generally not required after Form CU is filed.
- Use Schedule CU-1 to report public deposits.
Questions people ask
Does Form CU replace a corporation tax return?
Yes. Credit unions exempt under Chapter 71 should file Form CU instead of Wisconsin Form 4 or 6.
Do we need to file Form CU every year?
No. After filing, the credit union does not need to file Form CU or Form 4 or 6 for later years unless the Department of Revenue requests it or the credit union acts as a public depository.
What happens if we accept public funds in a future year?
A Wisconsin franchise or income tax return must be filed for that year. Use Schedule CU-1 to report public deposits.
Are credit unions exempt from Wisconsin tax on unrelated business taxable income?
Credit unions that do not derive income from public deposits are exempt from Wisconsin tax on unrelated business taxable income computed under section 512 of the Internal Revenue Code.