Marketplace Fairness Act Hearing
- Aug 1, 2012 | Logan Conner
The US Senate Committee on Commerce, Science, and Transportation is holding a hearing discussing the Marketplace Fairness Act (S. 1832) on August 1st at 2:30 p.m. The bill would give states more authority to collect sales tax from online retailers.
Currently, purchases made through online retailers (i.e. Amazon.com and Overstock.com), do not require the retailer to collect and remit sales tax to each state where they do not have nexus. As a result, states have been reported to be losing billions of dollars in potential sales tax revenues. The bill endeavors to provide a way for states to begin requiring sales tax collection duties of online retailers whether or not they have nexus in the state.
Testimonies for the bill were heard from Senators Mike Enzi (R-WY), Dick Durbin (D-IL), and Lamar Alexander (R-TN). The bill has over 240 associations and companies supporting it; including the likes of: Amazon, Best Buy and Wal-Mart.
One can view the webcast live via the US Senate Committee on Commerce, Science, and Transportation website.