On Monday, the National Association of Electrical Distributors (NAED) became one of the newest members of the Marketplace Fairness Coalition. The Coalition supports federal legislation that empowers states to update sales and use tax laws to level the playing field for all sellers.
“The NAED is proud to support the Marketplace Fairness Coalition,” said Tom Naber, president/CEO of NAED. “It makes sense that states would have the ability to collect sales taxes on all purchases whether they are online or in-store.”
The Marketplace Fairness Act was introduced on February 14, with bipartisan cosponsors. The bill provides states with the authority to require all remote sellers to collect sales and use taxes at the time of purchase, removing the physical presence requirement.
The Marketplace Fairness Act is a well-balanced bill that reflects more than a decade of in-depth deliberation. The bill relieves consumers of having to self-report sales/use taxes already owed; exempts small businesses with annual remote sales of less than $1 million; promotes states’ rights; and creates a framework for states to adopt that reflects today’s evolving marketplace. Most importantly, the Marketplace Fairness Act will encourage greater competition in the marketplace and ensure a level-playing field for all retailers including NAED members.Tagged with tED