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MS SB2825
Bill
Status
Failed
2/26/2025
Primary Sponsor
Joey Fillingane
Click for details
AI Summary
- Establishes the "Retailer Tax Fairness Act" to provide tax credits for merchants and sellers who absorb interchange fees on electronic payment transactions
- Defines key terms including credit cards, debit cards, electronic payment transactions, interchange fees, and payment card networks
- Entitles merchants and sellers to a tax credit equal to 2.5% of state and local taxes collected on electronic payment transactions where an interchange fee was charged but not passed to the purchaser
- Applies to state taxes under Title 27, Chapter 65 and specific sections (27-55-11, 27-55-519, 27-59-11, 49-17-407, and 65-33-47), as well as local taxes on hotels, motels, restaurants and other businesses
- Becomes effective July 1, 2025
Legislative Description
Retailer Tax Fairness Act; enact.
Last Action
Died In Committee
2/26/2025
Committee Referrals
Finance1/20/2025
Full Bill Text
No bill text available