AN ACT CONCERNING INTERCHANGE FEES ON ELECTRONIC PAYMENT TRANSACTIONS.

HB 6460 prohibits payment card networks (like Visa or Mastercard) from including sales and use taxes in the transaction amount used to calculate interchange fees. This directly affects merchants, particularly small businesses, who pay these fees on every credit or debit card sale. The key provision requires that interchange fees be calculated only on the pre-tax purchase price, not the total amount including tax. This change would lower fees for merchants on taxed items, as they would no longer pay fees on the tax portion. The bill aims to reduce costs for businesses without altering tax collection rules.