As reported over the past several weeks, HB 3395 (Capriglione) is an especially onerous bill requiring sales tax be deducted from the calculation of interchange on debit and credit card transactions. Aside from significant implementation costs, at its core, this bill transfers 8% of your bank’s revenue to merchants. Financial trade associations, including IBAT, have expressed strong opposition and are highly engaged in efforts to kill this very bad idea.
The Pensions, Investments and Financial Services Committee voted this bill out on April 13 with a 6 to 2 vote. Our sincere thanks go to Vice Chairman Stan Lambert and Representative Frederick Frazier for their willingness to “buck the Chair” and vote no. Please pass along your thanks to these members if you are in their districts or are so inclined.
We sent out a “call to action” email yesterday with a link to our Grassroots Action Center. Many thanks to those of you who have already contacted your Representative. If you haven’t yet done so, time is of the essence. We urge you to call the office of your State Representative or send an email expressing your opposition to HB 3395 through the Grassroots Action Center.
This is especially important and time-sensitive for those of you with members who sit on the Calendars Committee. This Committee will determine when and if this bill gets to the House floor for debate.
Below are the members of the Committee:
- Dustin Burrows – Chair
- Toni Rose – Vice Chair
- David Cook
- Charlie Geren
- Cole Hefner
- Anna Hernandez
- Ann Johnson
- Jared Patterson
- Shelby Slawson
- James Talarico
- Ed Thompson
The companion bill’s author, Senator Tan Parker, announced last week he would no longer pursue its passage in the Senate, which marked a bright spot in this battle. While viable options still exist for ultimate passage, this was clearly a positive development. If you are in Senator Parker’s district or know him, please reach out to express your thanks.
Your engagement is critical, and please know that those on the other side are equally engaged. Your help is greatly appreciated!