The National Federation of Independent Business (NFIB) in Colorado announced on Mar. 12 that the State Senate Business, Labor and Technology Committee passed SB 134, a bill addressing swipe fees, by a vote of 3-2. The legislation will now move to the Committee of the Whole for further consideration.
The issue is significant for small businesses because swipe fees paid to banks can represent a major expense, especially as operating costs continue to rise. NFIB Colorado State Director Michael Smith said, “For a business, especially in today’s economy, with higher than ever operating and overhead costs without an end in sight, every dollar counts. The fees paid to banks could be the difference between keeping the doors open or closing. The elimination of the portion of the swipe fees paid on sales tax would help reduce an expense that has become burdensome. Small businesses shouldn’t be unpaid tax collectors for the state.”
If SB 134 becomes law, retailers and restaurants across Colorado could save $217 million, allowing more money to remain within local communities.
The National Federation of Independent Business aims to advocate for small and independent businesses by providing legislative support and resources, according to its official website. The organization provides dedicated support for small businesses across all 50 states, including Colorado, according to its official website. It also engages in advocacy efforts designed to promote policies that foster economic growth for small businesses in Colorado, according to its official website.
In addition to advocacy work, NFIB offers tools, research, and compliance guidance tailored for small business needs according to its official website. As an advocacy group focused on small business interests according to its official website, NFIB continues to monitor developments related to SB 134 as it advances through the legislative process.
