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Tax Watch

In Case You Missed It…

Calif. Lawmakers Approve Amazon Tax Compromise 

In a move aimed at avoiding a costly, bloody battle at the ballot box - and with the clock running out on the legislative session - both chambers of the Legislature last Friday night overwhelmingly approved a compromise with the Seattle-based online retail giant over the issue of collecting sales tax.

The bill gives Amazon at least a year before it has to begin collecting sales taxes from its customers and paying the state roughly $200 million a year.

The California Retailers Association issued a statement, “…that we must stand by our small businesses as they are the engines for job creation and economic growth in our communities.”

The retail association has maintained that by refusing to collect sales taxes, Amazon had an unfair advantage over California businesses that do.

Amazon also issued a statement hailing the compromise as a bi-partisan win that keeps thousands of jobs.

U.S. State 2nd Quarter Tax Revenue Rises 11.4%

The Rockefeller Institute released a report last week indicating the U.S. state tax revenue grew at its fastest pace in six years in the second quarter, led by personal and corporate levies; this, as governments begin to recover from the longest recession since World War II.

According to the report, the tax gains were aided by temporary tax increases, one-time fees and a low collection rate.
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