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Sales Tax › Financial Services Industry

Arnall Golden Gregory LLP

Illinois Interchange Fee Prohibition Act: The Bill and the Backlash

Arnall Golden Gregory LLP on

On May 29, 2024, Illinois rocked the payments world by passing the Interchange Fee Prohibition Act (“IFPA”) into law. With an effective date of July 1, 2025, the law would upend the way in which interchange is calculated in...more

Womble Bond Dickinson

The Complexities and Costs of Eliminating Interchange Fees on Sales Tax Portions

Womble Bond Dickinson on

Illinois has become the first state to adopt legislation banning interchange fees on the tax amount and gratuity (tip) amount of a credit or debit payment transaction. The Illinois Interchange Fee Prohibition Act (IFPA)i,...more

Ballard Spahr LLP

Illinois Governor Expected to Sign Bill to Ban Interchange Fees on Sales Tax and Tips

Ballard Spahr LLP on

On May 29, 2024, Illinois lawmakers passed an omnibus budget bill (HB4951) that includes the Interchange Fee Prohibition Act (the “Act”). The Act prohibits the collection of debit and credit card interchange fees for sales...more

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