DENVER (April 20, 2026) – Ahead of an expected vote in the Senate on SB 134, a bipartisan bill to eliminate credit card swipe fees on sales taxes, NFIB State Director Michael Smith appeared on 9NEWS Business Buzz with Ryan Frazier and urged lawmakers to stand with Main Street in support of SB 134.

CLICK HERE to watch the full conversation. Excerpts are below.

Credit card companies and Wall Street banks should not be profiting off of Colorado’s tax system.

“Small businesses are collecting sales tax for Colorado and then turning around and paying millions of dollars to big banks on Wall Street. And that’s not right,” Smith said. “This is money that should be staying in Main Street businesses, that can help grow the economy, help invest in small businesses here in Colorado, and not be shipped out of state to big banks on Wall Street.”

Swipe fees have become one of the largest expenses a small business owner pays, often only second to labor costs.

“The cost of these swipe fees has become one of the largest expenses for many small businesses in Colorado,” Smith said. “The second, third biggest expense, and that’s extraordinary. I mean, it’s important to be able to have a service for consumers to use their credit card, but it’s getting to the point where swipe fees are exceeding the cost of hiring employees. I’ve members who are paying $8,000 a month, and they’re telling me, ‘I could hire two employees this year for that amount.’”

WATCH: Colorado Small Business Owner Urges Lawmakers to End Swipe Fees on Sales Taxes

In 2024, Colorado merchants paid an estimated $217 million in swipe fees on sales taxes alone. SB 134 eliminates swipe fees on sales tax, keeping that money on Main Street.

“Every dollar for small businesses matters,” Smith said. “Some are going to invest more in their businesses and grow it. [Others will] have more money for their employees. Almost half of all working Coloradans work for small businesses. This bill would be good for Colorado small businesses, good for Colorado, good for consumers, and good for Colorado families.”

CLICK HERE to watch the full conversation.