Internet Sales Tax Ruling Seen Boosting States

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Internet Sales Tax Ruling Seen Boosting States

Wayfair (W) operates five online retail sites that sell a variety of goods for the home.

Here in Florida, state officials are stressing that this is not a new tax.

"It remains to be seen what the exact fiscal impact of this (court) decision will be", said Rick Reames, a former head of the state's Revenue Department.

The tax is 6.25 percent.

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Today's ruling upheld a statute from South Dakota, which requires any company with more than $100,000 in annual sales to collect sales tax on sales made to customers in the state.

However, before Thursday's Supreme Court decision state leaders were bracing for companies to challenge that law in court. Trump tweeted. "Big victory for fairness and for our country". In preparation, state lawmakers included language in this' year's budget bills that would let the legislature move forward quickly in collecting sales tax from more online purchases. For example, if you buy a laptop or printer from Newegg or a loveseat from Overstock you should budget for state sales tax.

Thursday's Wayfair Supreme Court decision could mean state legislatures can now force online retailers to start preparing for new rules in the sales tax world. "Remote sellers can avoid the regulatory burdens of tax collection and can offer de facto lower prices caused by the widespread failure of consumers to pay the tax on their own".

Justice Anthony Kennedy wrote that the previous decisions were flawed.

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States have long complained that they were losing millions in tax revenue, while giving online retailers an advantage over brick-and-mortar shops. Marketplace sellers weren't previously required to automatically collect sales tax on their sales, and the ruling may hurt their sales.

Likewise, advocates for the state's mom-and-pop stores - which primarily make sales in brick-and-mortar outlets, not online - say that two-decade-old decision harmed small business owners.

Washington, which doesn't tax personal income or capital gains, depends heavily on sales-tax revenues to help fund government services. "Most states still need to pass laws or issue regulations that will allow them to use the expanded tax collection authority the court just granted".

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