Amends TCA Title 67.
Tennessee SB0370 amends the Tennessee Code Annotated Title 67 by excluding 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, alcoholic beverage taxes, and rental vehicle surcharge taxes either be deducted from interchange fee calculations or rebated proportionately. Key provisions include penalties for non-compliance, with civil penalties of up to $1,000 per violation payable to the plaintiff and a requirement to refund surcharges to affected merchants.
Tennessee SB0370 amends the Tennessee Code Annotated Title 67 by excluding 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, alcoholic beverage taxes, and rental vehicle surcharge taxes either be deducted from interchange fee calculations or rebated proportionately. Key provisions include penalties for non-compliance, with civil penalties of up to $1,000 per violation payable to the plaintiff and a requirement to refund surcharges to affected merchants.
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