Post by CMF Newsman on Apr 2, 2012 6:02:24 GMT -5
Georgia has joined other states in passing a law aimed at collecting billions in lost sales tax revenue from online retailers - a fee state shoppers should already be paying, but often aren't.
The Legislature passed the measure as part of a comprehensive overhaul of the state's tax code. The bill now awaits Gov. Nathan Deal's signature.
While supporters hail the proposal as one that will level the playing field between virtual and real stores, critics say such laws could have a chilling effect and may not result in the windfalls predicted by states going after the money.
Such sales are a growing part of the state's economy, but the estimated revenue loss to Georgia from the inability to collect sales tax on those transactions is $410 million in 2012 alone.
www.wrcbtv.com/story/17301476/e-commerce-tax-to-target-out-of-state-retailers
The Legislature passed the measure as part of a comprehensive overhaul of the state's tax code. The bill now awaits Gov. Nathan Deal's signature.
While supporters hail the proposal as one that will level the playing field between virtual and real stores, critics say such laws could have a chilling effect and may not result in the windfalls predicted by states going after the money.
Such sales are a growing part of the state's economy, but the estimated revenue loss to Georgia from the inability to collect sales tax on those transactions is $410 million in 2012 alone.
www.wrcbtv.com/story/17301476/e-commerce-tax-to-target-out-of-state-retailers