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Retailers, Restaurants and Processors Clash Over Bill to Bar Card‑Networks from Charging Fees on Sales Tax
Summary
A broad coalition of retailers, restaurants and arts groups urged the committee to pass SB 14‑60 to prevent payment card networks from charging interchange fees on the sales‑tax portion of transactions. Card‑industry and banking witnesses warned the proposal could be legally preempted and would shift costs to small banks and processors.
A contested bill to stop card networks from charging interchange fees on the sales‑tax portion of transactions drew hours of testimony March 14 from retailers, restaurant owners, credit unions, bankers and payments trade groups.
What lawmakers heard: Supporters — including the Connecticut Packaged Stores Association, the Connecticut Restaurant Association, grocery retailers and a string of cultural and tourism organizations — said removing interchange fees on taxes would give financially strained small businesses immediate relief and keep tax‑collection dollars in Connecticut. Opponents — including the Electronic Transactions Association, the Electronic Payments Coalition, state and national banks and the Office of the Comptroller of the Currency (cited by witnesses) — argued the bill would…
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