MO Loses Big Money With No Internet Sales Tax Report Says
By: Gretchen Bolander
Updated: May 2, 2012
A new study says the state of Missouri is missing out on a financial windfall - costing the budget hundreds of millions of dollars.
The report from the University of Missouri estimates the state loses about $468 million in potential internet sales tax. Professor David Valentine says that would add up to $1.4 billion dollars in the next three years. State lawmakers have considered taking action to collect taxes from internet sales... through a multi- state effort known as the Streamlined Sales Tax Governing Board.
Joplin Chamber of Commerce President Rob O'Brian said, "Really what they're trying to do is bring Missouri into being about the 25th state to join in the efforts to create a streamlined, nationally, a streamlined sales and use reporting and reimbursement."
The MU study points out the lost taxes would be enough to cover the budgets of eight state agencies.
