Plain English Breakdown
The official text states taxes and fees must be 'as specified' but does not list them in the provided summary or digest.
Consumer Inflation Reduction and Tax Fairness Act
This law requires that interchange fees charged by credit card issuers, networks, banks, or processors do not include certain state and local taxes.
What This Bill Does
- Requires that the calculation of interchange fees does not take into account certain specified state and local taxes and fees.
- Defines various terms used for these purposes within the Financial Code.
- Prohibits payment card networks, acquirer banks, or processors from changing how they compute interchange fees to avoid this rule.
Who It Names or Affects
- Credit card issuers
- Payment card networks
- Acquirer banks
- Processors
Limits and Unknowns
- The official text does not list the specific state or local taxes excluded from fee calculations.
- The effective date for when this law begins is not provided in the source material.