Senate Approves Internet Sales Tax
(RIVERWOODS, ILL., May 7, 2013) – The Marketplace Fairness Act, which would grant states authority in requiring most remote sellers to collect sales and use tax on sales to in-state customers, has been passed by the Senate and now moves to the House of Representatives where its future remains uncertain. CCH has a new Tax Briefing on the Marketplace Fairness Act with expert insights plus analysis on the legislation and its potential impact, particularly for those who buy and sell online. CCH, part of Wolters Kluwer is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).
The Act is the culmination of more than 10 years of legislative efforts by state and local government officials who believe out of state sellers should be responsible for the same sales and use taxes as generated by traditional “brick-and-mortar” businesses. The National Conference of State Legislators estimates that in 2012 states collectively lost $23 billion in revenue from uncollected sales tax.
“Although the legislation received strong bipartisan support in the Senate, its future passage in the House isn’t a sure thing,” said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. “Supporters claim the issue is about fairness and that Internet sellers shouldn’t enjoy an unfair advantage, but critics say it amounts to a tax increase.”
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CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.