S 5587 NY
Relates to excluding taxes from the amount on which credit card transaction fees are based
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Summary
This bill modifies how credit and debit card interchange fees are calculated by excluding state and local taxes and fees from the transaction amount used as the basis for the fee. Interchange fees are the charges that payment card networks and issuing banks assess to merchants for credit and debit card transactions. By excluding taxes from the fee calculation, the bill aims to reduce the total fees merchants must pay when taxes are included in the transaction. The bill also prohibits payment card networks from altering or manipulating how interchange fees are computed, ensuring consistency and transparency. Specific details about implementation and which taxes are excluded are not included in the available summary.
AI-generated plain-language summary of the bill (from the OpenStates abstract — no full text available yet) — neutral, and may be imperfect.
Official abstract
Excludes the amount of state and local taxes and fees from the amount on which an interchange fee is charged for that electronic payment transaction by a credit or debit card network; prohibits a payment card network from altering or manipulating the computation and imposition of interchange fees.
Sponsor (1)
- James Skoufis Democratic · primary
8 coauthors / cosponsors
- Joseph P. Addabbo Jr. Democratic · cosponsor
- Pete Harckham Democratic · cosponsor
- Michelle Hinchey Democratic · cosponsor
- Monica Martinez Democratic · cosponsor
- Shelley Mayer Democratic · cosponsor
- Dean Murray Republican · cosponsor
- Peter Oberacker Republican · cosponsor
- Christopher Ryan Democratic · cosponsor
Action history (8)
- Feb 25, 2025 REFERRED TO CONSUMER PROTECTION · upper
- Jan 7, 2026 REFERRED TO CONSUMER PROTECTION · upper
- Apr 24, 2026 AMEND AND RECOMMIT TO CONSUMER PROTECTION · upper
- Apr 24, 2026 PRINT NUMBER 5587A · upper
- May 20, 2026 1ST REPORT CAL.1296 · upper
- May 21, 2026 2ND REPORT CAL. · upper
- May 26, 2026 ADVANCED TO THIRD READING · upper
- Jun 5, 2026 COMMITTED TO RULES · upper
Full text
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