Now that Congress has passed the payroll tax cut bill maybe it will move quickly to close the online sales tax loophole.
Sen. Lamar Alexander on Thursday urged the Senate to do just that. Conservative support for Marketplace Fairness Act is building and now is the time to pass the bill, the Tennessee Republican said.
In a speech on the Senate floor, Alexander listed a number of notable conservatives who support closing the loophole that will cost state and local governments $23 billion this year alone. About the only name he didn’t drop was Grover Norquist.
A two-year delay in requiring Amazon to collect Tennessee sales taxes could move a step closer to reality Tuesday with votes scheduled by state House and Senate committees.
Gov. Bill Haslam is pushing for the delay and supports a federal solution to the sales tax issue. Waiting two years to make Amazon collect taxes on sales to Tennessee residents is a whole lot better than never making the online retailer collect state taxes, which was the original deal brokered by his predecessor, Haslam says .
Maybe so, but waiting till 2014 still leaves a lot of money on the table – something like $22 million a year in state sales taxes and $9 million a year in local sales taxes.
Small businesses across the country will be watching this month when the Senate takes up the Small Business Lending Fund Act. The House passed its version of the bill last month.
The act would provide $30 billion to community banks to loan to small businesses. But to the small biz community it’s a big deal.
Businesses that have found it next to impossible to borrow money in today’s economy would surely love to have access to a new source of capital. Will the Senate give’em a hand or will politics get in the way?
Click here to read my column on the issue in Sunday’s News Sentinel.