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[The following is a paid advertisement.]
Current merchant point of sales and card processors systems can’t separate tax from a purchase when applying processing fees and it may take several years for these systems to get updated. The proposed budget deal that would require separation of interchange fees on the sales tax portion of electronic transactions could mean consumers will have to swipe a credit or debit card twice for a purchase or worse, pay the tax portion in cash. In no uncertain terms – it would be a major disruption to the current electronic payments system in place today.
This proposal and disruption to the current system would undoubtedly affect Illinois consumers and beyond. How will constituents, tourists coming to the state this summer, and attendees at the DNC in August react to an overhaul in the way they conduct transactions? This could create a huge embarrassment to Illinois and require immediate retraction. Why take the risk? In the past 17 years there’s been 58 bills in other states trying to remove interchange fees from the state and local sales tax portion of debit and credit card purchases…none have passed because it’s a bad idea. Although this proposal is included in a potential budget deal, there is NO impact to the state budget based upon this component. It simply puts more money in the pockets of Illinois retailers.
The current interchange system in Illinois works. Illinois legislators should reject budget deals that increase profit to big box retailers.
posted by Advertising Department
Saturday, May 25, 24 @ 1:02 pm
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