Centennial State News

The National Federation of Independent Business (NFIB) has expressed approval for the Colorado House Finance Committee's recent decision to pass HB 1282. This bipartisan bill aims to reform credit card swipe fees by excluding sales tax and tips from these charges, which are levied by credit card networks.

Michael Smith, NFIB State Director, emphasized the potential benefits of this legislative move. "The Committee’s passage of HB 1282 is a good sign for Colorado small businesses," he stated. Smith highlighted that credit card processing fees can reach up to 4% per transaction, adding financial strain on small businesses already challenged by inflation and workforce expenses. He further noted, "Credit card companies should not be profiting from Colorado’s taxes or workers’ hard-earned tips."

Smith called on the House of Representatives to support the bill, underscoring its importance in providing relief and growth opportunities for small businesses across the state. "We urge the House of Representatives to pass this bill and give small businesses the boost they need to grow and thrive," he concluded.