PHOENIX (Feb. 18, 2025) – The National Federation of Independent Business (NFIB) announced its strong support for HB 2629, which would shield Arizona small businesses from costly swipe fees (also known as interchange fees) when they are required to collect taxes on behalf of state and local governments. In a statement, NFIB State Director Chad Heinrich outlined how the bill would relieve small businesses and their consumers from overpaying interchange fees.

“HB 2629 will protect small businesses and keep more resources in Arizona for Arizonans. Today, millions of dollars, which could be better spent in Arizona on higher employee wages, better benefits, and business expansion, are instead being sent to out-of-state banks and major credit card companies that profit off Arizona state and local taxes.”

Background:

In 2023, Arizona businesses and consumers paid more than $217 million in interchange fees annually to out-of-state banks just to carry out their role in collecting taxes on behalf of state and local governments.

Learn more at wipetheswipe.com.