Online Sales Tax Bill Passed by Senate|
May 10, 2013
This article was originally printed in Numismatic News.
>> Subscribe today!
The collection of sales taxes on all online transactions took a step closer to reality when the U.S. Senate passed the Marketplace Fairness Act May 6. The bill now heads to the U.S. House of Representatives.
Speaker John Boehner has said he is leaning against this legislation.
The Industry Council for Tangible Assets is reminding its membership that its lobbyist Jimmy Hayes is working in opposition to the legislation, which would open online retailers to a requirement to collect sales taxes from residents of 9,600 taxing jurisdictions.
Further ICTA says that even though mainstream media casts the measure solely as it affects Internet merchants, the legislation also would subject merchants who handle mail and telephone orders to the same sales tax collecting requirements.
Currently, merchants, online or otherwise, only have to collect sales taxes for states where they have a physical presence.
It also warns residents in states that currently exempt coin and bullion sales from tax to keep an eye on their legislatures in case someone tries to repeal these provisions.
More Coin Collecting Resources:
• Get exclusive collectors’ value packs at special discounts for investing in collectible coins, world coin collectors and North American coin collectors
• Get the 2012 Coin of the Year – limited quantities remain!
• Get them instantly! Buy digital editions of past issues of World Coin News, Coins Magazine and Coin Market eXpress!
Add to: del.icio.us digg
With this article: Email to friend Print
Something to add? Notice an error? Comment on this article.