TN SB0370This bill proposes that state and local taxes and fees should not be included when calculating interchange fees for electronic payments made with payment cards. This means that merchants and sellers would potentially pay lower fees when processing card transactions, as these taxes would not factor into the cost. The bill aims to amend existing tax laws in Tennessee.
Supporters of the bill argue that excluding taxes and fees from interchange fee calculations will reduce costs for merchants, allowing them to keep more of their earnings. This change is seen as a way to promote small businesses and stimulate local economies by making electronic transactions more affordable.
Critics of the bill may argue that it undermines the revenue collected by state and local governments, which is essential for public services. They might also contend that it could lead to complications in payment processing and create inconsistencies in how taxes are handled across different payment networks.
Senator Richard Briggs sponsors SB0370, which seeks to amend tax calculations related to interchange fees for electronic payment transactions. Given his involvement in commercial real estate, there is a notable alignment between his personal financial interests and the bill's impact on the finance and real estate sectors. The exclusion of state and local taxes from interchange fee calculations could potentially benefit real estate transactions that involve electronic payments, thereby enhancing profitability for those in the commercial real estate sector, which Briggs is a part of. This creates a situation where the sponsor's financial interests could be directly affected by the legislation he is promoting, raising concerns about conflicts of interest.
Unlike federal analysis based on campaign donations, state analysis examines legislators' personal financial interests — their jobs, businesses, and investments.
| Type | Description | Industry | Source |
|---|---|---|---|
| Occupation | Cardiothoracic Surgeon | — | AI-researched |
| Employer | University of Tennessee Medical Center | Education | TN Legislature bio |
| Board Member | Board of Directors, American Heart Association | — | AI-researched |
| Employer | DFAS US ARMY RETIREMENT | Government | TN Ethics Commission |
| Employer | PNC WEALTH MGMT | — | TN Ethics Commission |
| Employer | SOCIAL SECURITY | — | TN Ethics Commission |
| Employer | STATE OF TN GENERAL ASSEMBLY | Government | TN Ethics Commission |
| Employer | VETERAN | — | TN Ethics Commission |
| Employer | COMMERCIAL REAL ESTATE | Real Estate | TN Ethics Commission |
| Asset | TRUIST BANK; TVA CREDIT UNION; COMMERCIAL PROPERTY RENTAL | — | TN Ethics Commission |
| Asset | Leadership PAC: BRIGGSPAC | — | TN Ethics Commission |
Items marked "AI-researched" are generated from public sources but have not been independently verified. Verified data is sourced from official legislature websites and disclosure filings.
About This Analysis
This summary was generated using AI from the bill's official text and metadata. Data sourced from LegiScan and the Tennessee General Assembly. Conflict analysis examines the sponsor's personal financial interests for potential overlaps with the bill's subject matter.
