Tag: Retail Industry

By Rae Solomon | The Colorado Sun Bill to exempt sales taxes from swipe fees heads to Gov. Jared Polis as industry warns of legal fights and consumer impacts. A proposal to reduce credit card swipe fees has whipped up a frothy, multi-million-dollar lobbying fight at the State Capitol this year, pitting the banking industry against retailers, restaurants, and other businesses. It passed the legislature Wednesday and now heads to the governor’s desk. Senate Bill 134 concerns the interchange fees, or swipe fees, that merchants pay to the banks every time a customer pays with a credit card. Currently, those fees are calculated as a percentage of the total charge, sales tax and all. The proposal, which passed the House on a 44-20 vote, would remove sales taxes from t...