Bill
Bill > SB0880
TN SB0880
TN SB0880AN ACT to amend Tennessee Code Annotated, Title 67, relative to taxes and fees collected by merchants and sellers.
summary
Introduced
02/10/2021
02/10/2021
In Committee
Crossed Over
Passed
Dead
04/28/2022
04/28/2022
Introduced Session
112th General Assembly
Bill Summary
As introduced, requires that state and local taxes and fees be excluded from the calculation of interchange fees by payment card networks for electronic payment transactions. - Amends TCA Title 67.
AI Summary
This bill amends Tennessee's tax laws to require payment card networks to exclude state and local taxes and fees from the calculation of interchange fees for electronic payment transactions. Interchange fees are fees charged by payment card networks to merchants for processing credit and debit card payments. The bill mandates that these taxes and fees, such as sales tax, hotel occupancy tax, and rental vehicle surcharge tax, be either deducted from the interchange fee calculation or rebated to the merchant at the time of settlement. Payment card networks that violate this law would be subject to civil penalties of up to $1,000 per violation, and must refund the surcharge to the affected merchants.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
Assigned to General Subcommittee of Senate Commerce and Labor Committee (on 03/08/2022)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0880&ga=112 |
| State Bill Page | http://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0880&ga=112 |
| BillText | https://www.capitol.tn.gov/Bills/112/Bill/SB0880.pdf |
| Fiscal Note - HB0375 | https://www.capitol.tn.gov/Bills/112/Fiscal/HB0375.pdf |
| BillText | http://www.capitol.tn.gov/Bills/112/Bill/SB0880.pdf |
Loading...