As expected, Congress once again renewed the moratorium on taxation of online transactions. The moratorium had been extended several times in the past.
More good news: Not only does the new measure extend the ban for seven more years—until 2014—it prevents state and local governments from imposing taxes beyond those levied on simple Internet access. The extension also exempts a few states that approved Internet taxes prior to the original enactment of the ban.
Caveat: You can expect Congress to revisit this issue as it continues to evolve.
- Small Business Tax Deduction Strategies No matches