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Eliminate Interchange Fees on Sales Tax for CT Businesses
There is an important bill in the Finance Committee right now that could have a significant impact on the restaurant industry and small businesses across Connecticut. Senate Bill 1460: An Act Concerning Interchange Fees on Electronic Payment Transactions is one you may not have heard about yet, but it has the potential to make a big difference for our industry—and we need your voice to support it.
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Why is this bill important?
Currently, your business pays interchange fees to collect and remit state sales, which is unfair to every business in the state. These fees eat into our already slim margins and make it harder for small businesses to thrive in Connecticut. Senate Bill 1460 seeks to eliminate these fees, offering critical relief to restaurants and other small businesses.
Here’s why we need to support Senate Bill 1460:
- Lower costs for small businesses: Eliminating interchange fees means less financial strain, helping us reinvest more into our businesses, employees, and communities.
- Promoting fair competition: Reducing these costs helps small businesses stay competitive and sustainable in an increasingly difficult economic environment.
- Supporting local businesses: This bill would directly benefit restaurants, retail, and service businesses that contribute to the vibrancy of Connecticut’s economy.
We’re asking you to raise your voice in support of Senate Bill 1460. Now is the time for our industry to come together and ensure that this critical piece of legislation passes.
Please take a moment to contact your legislators and ask them to support Senate Bill 1460. Click here to send an email to your officials. You can easily personalize your message to share why this bill is important to your business, your employees, and your customers.
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Thank you for your attention to this important issue, and for your commitment to supporting small businesses in Connecticut. Together, we can make a real difference.
CRA Advocacy on This Issue
Scott Dolch, CRA President & CEO, testified before the Finance, Revenue & Bonding Committee Committee, in support of SB 1460, An Act Concerning Interchange Fees on Electronic Payment Transactions.
Scott was joined by State Senator Derek Slap, and Grecia Ludena, co-owner of Coracora
in West Hartford, to deliver a powerful testimony to the committee last Friday. In addition, Jacob Rodriguez of Puerto Vallarta Restaurant Group testified on his own about the impact this legislation would have on his restaurants.
The testimony showed the committee the impact of these credit card fees on small businesses, and explained that thousands of dollars could be saved by restaurants and invested back into their businesses.
Watch Scott & Grecia's Testimony Here
Watch Jacob's Testimony Here
The Connecticut Restaurant Association was supported by the National Restaurant Association’s Director of Technology and Innovation Policy, Brennan Duckett, who also virtually testified on behalf of National regarding SB 1460.
Brennan stated: “This legislation would help curb some of the anticompetitive practices pervasive throughout the U.S. payments ecosystem, perpetrated by the duopoly [the two biggest credit card companies]. Most notably, the bill would provide small business owners and consumers in Connecticut with much-needed relief from exorbitant swipe fees on sales and use taxes and ultimately promote greater competition and transparency within the credit card market.”
Watch Brennan's Testimony Here
Interchange Fee Impact In The News
Last week, the Hartford Courant featured a front-page Sunday article spotlighting the impact of SB 1460 on small businesses across Connecticut.
For restaurants like Coracora, the cost to collect sales tax quickly adds up - upwards of $5,000 annually. This m
oney could be used in other valuable ways, and hugely impacts small businesses of all kinds across Connecticut.
Read Here
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