Colorado Senate Bill Targets Swipe Fees on Tax Payments
Denver News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Colorado Senate Committee Approves Bill to Stop Credit Card Companies from Charging Swipe Fees on Sales Taxes
A Colorado Senate committee has given initial approval to a bill that aims to prevent credit card companies from charging swipe fees on sales taxes. The bill, Senate Bill one thirty-four, passed on a party-line vote, with Democrats supporting it. The measure targets big credit card firms and banks with more than sixty billion dollars in assets, about forty banks and one credit union nationwide. Business owners, including a Denver restaurant manager who paid over sixty-two thousand dollars in fees last year, are cheering the bill on, as it could save them thousands. Groups like the Colorado Restaurant Association and progressive nonprofits back the bill, while opponents, including banks, Visa, and JPMorgan Chase, argue its unworkable and predict lawsuits. The bill now heads to the full Senate for further consideration.
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