Early this morning, the General Assembly voted to delay the implementation of the Interchange Fee Prohibition Act (IFPA) for another year. IFPA prohibits interchange fees, otherwise known as “swipe fees” on the sales tax and tip portions of card transactions from being implemented by banks and credit card companies. The law would incentivize merchants to make multiple transactions, creating chaos for customers.
The law, originally passed in 2024, will now be delayed for two consecutive years if the Governor signs this latest measure into law. The bill passed the House unanimously.
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