AN ACT CONCERNING INTERCHANGE FEES ON ELECTRONIC PAYMENT TRANSACTIONS.

SB 1460 requires payment card networks (like Visa or Mastercard) to exclude sales tax from the amount used to calculate interchange fees charged to retailers. This means retailers will no longer pay fees on top of the sales tax collected for electronic payments (e.g., credit or debit card transactions). The bill mandates networks either deduct the tax amount from the fee calculation at settlement or provide a proportional refund to retailers. It directly affects retailers who pay interchange fees and payment card networks that set those fees, taking effect October 1, 2026.