Amends TCA Title 67.
Tennessee HB0967 amends Title 67 of the Tennessee Code Annotated to exclude certain state or local taxes and fees from the calculation of interchange fees on electronic payment transactions. This bill affects payment card networks and merchants by requiring that taxes such as sales and use taxes, hotel occupancy taxes, and others be deducted from interchange fee calculations or rebated accordingly. Key provisions include penalties for non-compliance and the requirement for payment networks to credit merchants for taxes collected at the time of sale.
Tennessee HB0967 amends Title 67 of the Tennessee Code Annotated to exclude certain state or local taxes and fees from the calculation of interchange fees on electronic payment transactions. This bill affects payment card networks and merchants by requiring that taxes such as sales and use taxes, hotel occupancy taxes, and others be deducted from interchange fee calculations or rebated accordingly. Key provisions include penalties for non-compliance and the requirement for payment networks to credit merchants for taxes collected at the time of sale.
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