Aerial photo Florida State Capitol Building Florida State Capitol Building (Source: Adobe Stock).

As the Florida legislative session drew to a close on Friday, credit union leaders in the state were anxiously awaiting the fate of what could have radically and negatively changed the interchange fee structure for credit unions.

The Senate Bill 564 and its companion House Bill 677 would have excluded sales tax and tips from interchange fees charged for electronic payment transactions. Therefore, it would have required credit unions and banks to “develop a new process to tabulate the local tax and state tax burden separately – at least doubling the number of transactions processed in Florida,” according to a reading of the legislation by the nonprofit taxpayer advocacy group Americans for Tax Reform.

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Michael Ogden

Editor-in-Chief for CU Times.

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