The bill aims to exclude interchange fees imposed by payment card networks on certain taxes during electronic payment transactions. It introduces new definitions related to credit and debit cards, electronic payment transactions, interchange fees, and various types of taxes. Specifically, it states that the amount of tax calculated as a percentage of an electronic payment transaction and listed separately on the payment invoice shall not be included in the calculation of the interchange fee charged for that transaction.

Additionally, the bill mandates that payment card networks must either deduct the tax amount from the interchange fee calculation at the time of settlement or rebate a proportionate amount of the interchange fee based on the tax. If a seller cannot capture and transmit the tax amount at the time of sale, the payment card network is required to accept proof of the tax collected and credit the seller's settlement account accordingly. Violations of this bill will incur a civil penalty of $1,000 per violation, with the option for individuals to bring private actions to enforce the provisions.