SSB 1229: Excluding interchange fees imposed upon certain taxes at points of sale

What it does

Currently, a payment card network (credit or debit card) charges an interchange fee upon the entire electronic payment transaction amount, including the amount of any taxes charged. This bill excludes the amount of tax listed on the electronic payment transaction from the payment card network’s interchange fee assessed upon such a transaction. The bill defines “interchange fee” to mean a fee established, charged, or received by a payment card network for the purpose of compensating the issuer for its involvement in an electronic payment transaction.

Senate subcommittee · named April 21, 2025

• Sen. Jason Schultz (R) · jason.schultz@legis.iowa.gov
• Sen. Tony Bisignano (D) · tony.bisignano@legis.iowa.gov
• Sen. Kerry Gruenhagen (R) · kerry.gruenhagen@legis.iowa.gov

Lobbying · 13 for, 12 against

For: Black Hills Energy; Casey's General Stores; Hy-Vee, Inc.; Iowa Grocery Industry Association; Iowa Hotel & Lodging Association; Iowa Restaurant Association; Iowa Retail Federation; Iowa Wine Growers Association; KWIK Trip, Inc.; Maverik, Inc.; National Federation of Independent Business (NFIB /IA); Truckstops of Iowa; and 1 more

Against: ALEC Action; Airlines for America; American Express Travel Related Services, Inc.; Community Bankers of Iowa; Electronic Payments Coalition; ITS, Inc. & SHAZAM, Inc.; Iowa Bankers Association; Iowa Credit Union League; Iowa Institute for Cooperatives; Technology Network aka TechNet; Visa; Wells Fargo & Company

In plain words

1. April 17, 2025Filed in the Senate and sent to the Ways and Means committee
2. April 21, 2025Senate subcommittee named: Schultz, Bisignano and Gruenhagen