Grand Canyon Times

The National Federation of Independent Business (NFIB) has expressed strong support for Arizona's HB 2629, a legislative proposal aimed at eliminating credit card swipe fees on taxes collected by small businesses. These fees, also known as interchange fees, are incurred when businesses process credit card transactions while collecting taxes for state and local governments.

Chad Heinrich, NFIB State Director, highlighted the benefits of the bill, stating that it would prevent small businesses from overpaying these fees and allow more resources to remain within the state. "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."

In 2023 alone, Arizona businesses and consumers paid over $217 million in interchange fees to out-of-state banks as part of their role in tax collection for the government.

For further details about the initiative, visit wipetheswipe.com.