Online Sales Tax Bill On The E-Commerce Industry Passes The U.S. Senate:
The online sales tax bill, also known as the Marketplace Fairness Act advances to the U.S. senate by a 74-20 vote. Depending if you're an online buyer or internet seller, this bill if enacted into law, is definitely going to affect both the Web consumers and online retailers alike.
But what exactly is the Marketplace Fairness Act or S743? Simply stated, this bill would require online retailers to collect state and local sales taxes from all U.S. customers. In the current system, retail sites only collect sales taxes from customers in states where their companies operate. The bill will compel companies having annual online sales of more than $1 million to collect sales tax on those purchases.
