In this special report from CCH, find out how we are one step closer to an “internet sales tax.”On May 6, after more than 10 years of legislative efforts by state and local government officials and traditional retailers, the Senate overwhelmingly passed the Marketplace Fairness Act of 2013. The measure now goes to the House where it is expected to be referred to committee and its outcome is less certain.
No Surprise – Retail Sales Are Big Business and States are Losing Out
In 2012, there were an estimated $225.5 billion in online sales. According to the National Conference of State Legislatures, the states collectively lost $23 billion in revenue from uncollected sales tax. In an era when most states face continuous budget pressures and shortfalls, states are looking for any and all sources of revenue. Click here to access the full report.
Source: CCH Incorporated, CCH Tax Briefing, May 7, 2013 – Used with permission though LEA Global.
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.