Colorado Poised for Passage of Marketplace Fairness Act

Colorado has approved a bill that sets parameters and guidelines if the Federal marketplace fairness act were to pass.

Read the bill here:

http://www.leg.state.co.us/clics/clics2013a/csl.nsf/fsbillcont3/5C6B90638BBED01887257AEE0057C8B0?Open&file=1295_01.pdf

ONLINE SALES TAX?

The next time you purchase the new Justin Bieber album or a pair of leg warmers online, you may have to pay sales tax.

This week the Senate will be voting on the Marketplace Fairness Act, which would grant each state the power to collect sales tax from internet sales.

This bill has come into existence partially because of decreased pressure from Amazon, who now has physical distribution centers in almost every state, thus giving the company nexus in those states.

This law would potentially level the playing field between online and brick and mortar retail shops making prices equal for both types of entities.

Read More:

http://taxfoundation.org/blog/senate-voting-week-expanding-state-authority-collect-internet-sales-taxes

Video:

http://nyti.ms/Ux4veT

State Income Sources

State Income Chart

The chart above, taken from a Tax Foundation article, shows an over all picture of where states get their income. This picture however, varies wildly on a state to state basis. To read more about where states get their income, and for a state by state break down go to: http://taxfoundation.org/article/sources-state-and-local-tax-revenues