Relating to the charging of swipe fees on certain electronic payment transaction; authorizing a civil penalty.

SB 2026 would require payment networks (like Visa or Mastercard) to exclude state/local taxes and separately listed tips from the total amount used to calculate swipe fees for electronic payments. This directly affects merchants who pay these fees, as it prevents networks from charging fees on taxed amounts or tips. The key provision mandates that payment networks must deduct tax and tip amounts before calculating swipe fees for each transaction. The bill also authorizes civil penalties for noncompliance, aiming to ensure merchants aren’t overcharged on taxed or tipped transactions.