Source: Herb Weisbaum, Today (NBC)

By a vote of 69 to 27, the Senate passed the Marketplace Fairness Act with bi-partisan support. The bill would allow a state that has a sales tax to require online retailers – those with more than a million dollars in out-of-state sales each year – to collect that sales tax from all of its customers in that state.

Under current law, Internet retailers don’t have to collect sales tax unless they have a physical presence in that state: such as a warehouse, office, showroom or brick-and-mortar store. The burden is on you, the shopper, to pay that sales tax if your state collects it – but few people do.

Read Full Article: Peeling back the online sales tax layers