MS SB2891

Enacts the "Retailer Tax Fairness Act" to provide tax credits for merchants and sellers paying interchange fees on electronic payment transactions.

Defines key terms including credit cards, debit cards, electronic payment transactions, interchange fees, payment card networks, and settlement processes.

Allows merchants and sellers collecting state and local taxes to claim a credit equal to 2.5% of taxes collected in electronic payment transactions where an interchange fee was paid and not passed to the purchaser as a transaction fee.

Specifies that state taxes covered include sales taxes under Title 27, Chapter 65, and taxes under Sections 27-55-11, 27-55-519, 27-59-11, 49-17-407, and 65-33-47; local taxes include those on hotels, motels, restaurants, and other businesses.

Takes effect July 1, 2024.