Tennessee HB0967 amends tax laws to exclude certain taxes from interchange fees for electronic payment transactions.
Tennessee HB0967 amends the state tax code to exclude certain local taxes and fees from the calculation of interchange fees for electronic payment transactions. Payment card networks must either deduct the tax amount from interchange fees at the time of settlement or rebate a proportionate amount of the interchange fee. The bill also outlines penalties for non-compliance and specifies that the act takes effect July 1, 2025.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.