Bill > SB126

This bill, the "Consumer Inflation Reduction and Tax Fairness Act," amends Georgia's laws related to selling and trade practices. It limits the interchange fees that payment card networks (e.g., credit/debit card networks) can charge retailers for credit or debit card transactions. The bill requires payment card networks to either exclude taxes from the calculation of interchange fees or refund the portion of the fee attributable to taxes. Retailers can also provide proof of taxes collected to receive a fee refund. Violations of this law can result in civil penalties for payment card networks. The bill aims to prevent payment card networks from increasing fees on the non-tax portion of transactions to circumvent these requirements.