A bill for an act excluding interchange fees imposed upon certain taxes at points of sale.

SSB 1229 aims to exclude the amount of certain taxes from the interchange fees charged by payment card networks on electronic payment transactions. The bill requires payment card networks to deduct the tax amount from the interchange fee calculation at the time of settlement or rebate a proportionate amount to the seller. If a seller cannot transmit the tax amount at the point of sale, the network must credit the seller's account upon proof. Payment card networks that violate these provisions face a civil penalty of $1,000 per violation, which can be enforced by the state or through a private action.