Excludes state and local taxes and fees from interchange fees charged by credit or debit card networks.

The bill amends the general business law to exclude state and local taxes and fees from the amount on which an interchange fee is charged for electronic payment transactions. It mandates that payment card networks either deduct the tax or fee amount from the interchange fee calculation or rebate a proportionate amount at the time of settlement. The bill also prohibits payment card networks from altering or manipulating the computation and imposition of interchange fees.

Excludes state and local taxes and fees from interchange fees charged by credit or debit card networks.

The bill amends the general business law to exclude state and local taxes and fees from the amount on which an interchange fee is charged for electronic payment transactions. It mandates that payment card networks either deduct the tax or fee amount from the interchange fee calculation or rebate a proportionate amount at the time of settlement. The bill also prohibits payment card networks from altering or manipulating the computation and imposition of interchange fees.