Supreme Court Rules States Can Collect Taxes On Internet Sales
Amazon falls after the Supreme Court rules states can collect sales tax
Shares of Amazon and other online retailers fell Thursday morning after the Supreme Court ruled that individual states can require tax collection on digital sales.
Here's how stocks reacted:
Thursday's decision overturns a 1992 ruling which limited tax collection by retailers for online sales, regardless of the state where a shopper lives or if the company has a physical presence in that state.
Only five states do not have a state-wide sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon. However, Alaska and Montana allow individual individual cities to collect local sales taxes, according to the Tax Foundation.
The ruling is widely seen as a victory for brick-and-mortar stores, who said that online retailers' ability to skirt sales tax requirements gave them an advantage.
Shares of Amazon are up 49% since the beginning of 2019.
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