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Overstock.com Commends Missouri Governor's Veto Of Affiliate Internet Tax Measure

Stocks in this article: OSTK

SALT LAKE CITY, June 11, 2013 /PRNewswire/ --  Overstock.com, Inc. (NASDAQ: OSTK) today announced it would resume using Missouri advertisers after Missouri Gov. Jay Nixon's veto of the recently enacted affiliate nexus bill. This bill sought to recruit remote sellers into state sales tax collection if they continued to use Missouri internet advertisers.  

(Logo: http://photos.prnewswire.com/prnh/20120110/LA33954LOGO)

According to Jonathan Johnson, executive vice chairman of Overstock.com's board of directors, "In recent years, several other states have enacted similar bills on promises of increased state revenues which didn't materialize when, rather than submit to the unfair burdens of remote tax collection, out-of-state retailers instead discontinued the use of in-state advertisers.  In the wake of the Missouri bill's passage, Overstock.com ended its use of Missouri advertisers, a decision which the company reversed after the governor's veto."

Johnson added, "It is clear Governor Nixon has studied the history of these attempted end-runs of constitutional law, and concluded that a federal, uniform solution is the best approach."

Johnson also said that Overstock.com has been at the forefront of seeking fair federal legislation to uniformly resolve the question of remote seller state tax collection, but has strongly opposed the current version of the Marketplace Fairness Act, which recently passed out of the U.S. Senate without a hearing. Overstock.com has consistently pointed out that the bill does not live up to the "fairness" promise of its title. 

"The company has emphasized that the bill in its current form will do nothing to stop the states from adding to their 'patchwork' of conflicting and complex laws among the more than 9,600 taxing districts nationwide.  Under the bill, each taxing jurisdiction may disregard the bill and go its own way in forcing remote sellers to collect taxes – with or without any simplification," Johnson said.  

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