On Wednesday November 9th, 10 U.S. Senators introduced the Marketplace Fairness Act. The bipartisan bill would give states the ability to collect sales and use tax from remote retailers who do not have a physical presence in the state by allowing them to adopt one of two options depending on whether they are members of the SSUTA or not:
- Streamlined Sales and Use Tax Agreement: The legislation allows any state that is a member of the SSUTA to require remote retailers to collect state and local sales and use taxes.
- Alternative Minimum Simplification Requirements: States that are not SSUTA members may require remote retailers to collect state and local sales and use taxes if they adopt minimum simplification requirements.
The bill contains a small seller exception which would prohibit states from requiring the collection of state and local sales and use tax by remote sellers with less than $500,000 in annual remote sales.
More information is available here: http://reed.senate.gov/press/release/senators-introduce-bipartisan-online-sales-tax-bill-to-help-local-businesses-compete As of 11/10 the text of the bill is not yet available.