New York readies Internet sales tax

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New York readies Internet sales tax

New York (NY) – New York state will be collecting millions of dollars in tax money from Internet e-tailers starting on June 1st.  The state has sent notices to the largest Internet companies in the state to start collecting both state and local sales tax if they have a physical presence in New York.  The tax could boost state coffers by $50 million this year and nearly $75 million next year.

The sale tax rules affect companies that do more than $10,000 worth of business in the state.  E-tailers don’t actually need to have a physical store in the state and just having one person working in New York subjects the company to taxes.

New York lawmakers and brick-and-mortar companies argue that the sales tax will even the playing field on companies that have avoid taxes for several years.

Read more … WCBS TV.