The state of Florida stands to lose $1 billion a year in sales-tax revenues by 2002 because of transactions over the Internet. "It's an issue that we need to come to grips with," says state Sen. Jim Horne. Horne's solution? "[A] system for [Internet] transactional-tax collection and remittance. And ultimately it takes the federal government to police the system." It's a problem for many states, sparking a national debate about taxation and how to deal with the Internet's increasing role in retail sales.
January 21, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A month ago, Florida Sen. Jim Horne requested a presentation to his Fiscal Resource Committee from the state Revenue Department. He recalls how, across the screen, the presenter flashed current forecasts of the growth of sales via the Internet.
One number in particular got the legislator’s attention: Florida stands to lose $1 billion a year in sales-tax revenues by 2002 because of transactions over the Internet that, under existing rules, are exempt from taxation.
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