WASHINGTON, D.C. -- Illinois could see additional tax revenue of more than $200 million with the passage of a proposed internet sales tax law.
The Marketplace Fairness Act of 2013 will enable brick-and-mortar retailers to better compete with online sellers that do not charge sales tax.
Analysts estimate that if the bill is enacted, billions of dollars will be collected from online purchases.
The long debated bill received broad support early on but now boils down to one word..."fairness".
"It's going to give everybody a level playing field, so the retailers can compete on price, quality, service, and not have the government interfering," said Michael Kercheval, President and CEO of International Council of Shopping Centers.
"Instead of just having to file your taxes in one place or get audited by one tax regime you face that from every state in the country and that is a significant new burden for small businesses," said Brian Bieron, Senior Director of Global Public Policy for eBay Inc.
Retailers with less than $1 million in annual online sales would be exempt from the law.