Congressman Steve Womack (R-AR) and Congresswoman Jackie Speier (D-California),
cosponsors of the Marketplace Equity Act of 2011, will testify in support of
their legislation before the House Judiciary Committee at a hearing on Tuesday.
The Marketplace Equity Act provides a simple framework that empowers states to require online retailers to collect and remit sales taxes, and also provides the tools needed by online businesses to comply.The bill closes an outdated loophole that enables online-only retailers to avoid collecting sales tax which gives them up to a 10% price advantage over traditional brick and mortar stores. The loophole will cost state and local governments an estimated $24 billion in lost tax dollars this year. California alone is expected to face a $1.9 billion burden in uncollected sales taxes this year.
The bipartisan bicameral effort is supported by the National Governors Association, over 200 businesses, companies and trade associations including the Retail Industry Leaders Association and the National Retail Federation.
The Marketplace Equity Act of 2011 includes an exemption for small e-retailers that do not have more than $100,000 in remote sales in an individual state per year, or $1 million in sales nationally.
Who: Congressman Steve Womack (R-AR), Congresswoman Jackie Speier (D-CA)
What: Hearing of House Judiciary Committee on H.R. 3179, the "Marketplace Equity Act of 2011"
When: Tuesday 7/24/2012 - 10:00 a.m.
Where: 2141 Rayburn House Office Building