state finance

Amazon Agrees to Collect Sales Tax in Texas

1y ago

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The fight for tax equality on the internet may be a thing of the past. Amazon (NASDAQ:AMZN) has just struck a deal with the state of Texas to start collecting sales taxes on items it has in stock. Starting July 1 of this year, the agreement with state finance authorities will go in effect which will require some facilities to be built and will create 2,500 jobs. The deal comes after the state of Texas sought to collect $269 million in uncollected sales tax from the online retailer. Amazon settled with the state, saying it will build more distribution centers and start collecting the tax. More states will follow Texas's example. There are already five states in which Amazon collects sales tax and by 2016 there will be seven more to follow suit. However, Amazon has be a proponent of a federal law that would require sales tax collection under a nationwide system.

state finance

Amazon Agrees to Collect Sales Tax in Texas

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