The National Federation of Independent Business (NFIB) applauds the Colorado House Finance Committee’s passage of HB 1282, a bipartisan bill to exclude sales tax and tips from costly swipe fees (also known as interchange fees) charged by credit card networks. In a statement, NFIB State Director Michael Smith outlined how the bill would relieve small businesses, their employees, and consumers from overpaying interchange fees.

“The Committee’s passage of HB 1282 is a good sign for Colorado small businesses. Credit card processing fees, which can cost small businesses as high as 4% of each transaction, are adding even more pressure on Main Street businesses who are already feeling the burden from inflation and workforce costs. Credit card companies should not be profiting from Colorado’s taxes or workers’ hard-earned tips. We urge the House of Representatives to pass this bill and give small businesses the boost they need to grow and thrive.”