Supreme Court decision could lead to increased Oklahoma revenues

Supreme Court decision could lead to increased Oklahoma revenues

States can now force online shoppers to pay state sales tax.

State officials - including in SC, with its 6 percent sales tax - have argued they were losing out on millions - if not, in some cases, billions - of dollars in revenue a year under the Supreme Court's previous 1992 decision.

In a blow to huge billion dollar online retailers such as Amazon and eBay, the Supreme Court has ruled that states can impose a tax on goods and services ordered online.

"For years, online-only retailers have exploited this loophole that allows them not to collect sales tax, which has given them an unfair competitive advantage over brick-and-mortar stores", said James Miller, a spokesman for retailers.

"Some states may keep their current tax collection laws in place, in which case collection rates are likely to increase, but others may have to modify their laws significantly to comply with today's decision", Goldman Sachs analyst Blake Taylor said in a research note.

The Supreme Court just voted to close a loophole that has seen American consumers dodge billions in sales tax on online orders since 1992. "We think that incentive, that carrot if you will, is strong enough to clean up our state and local sales tax codes", McCarthy said.

Governor Eric Holcomb said he wants to take a look at what the ruling will mean for IN, and the taxes collected here.

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So the nation's highest court took another look at the matter and overturned its earlier ruling.

Under South Dakota's law, online retailers with more than $100,000 in annual sales or more than 200 transactions in the state are required to pay a 4.5 percent sales tax on all purchases.

In a statement by Rauschenberger, there will be criteria businesses have to meet before they are required to collect sales tax for the state.

Gov. Charlie Baker said the effect in the commonwealth would be minimal because state regulations already create parity for Bay State retailers. Some states have a base sales tax set at 2.9% while others have set theirs as high as 7.25% and even 10.5%.

The court decision could also be important in Florida because of the state's heavy reliance on sales-tax revenue.

State officials praised the decision.

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