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Sunday, Oct 20
Illinois Supreme Court quashes online sales tax
- Illinois' Supreme Court has invalidated a state law that taxes certain Internet transactions, explaining that it was superseded by a federal law that bans charging levies on "electronic commerce."
- The ruling by a vote of 6-1 marks the first time that a state court has quashed an online sales tax law.
- Illinois' Department of Revenue is now thinking about taking the case to the U.S. Supreme Court.
- The companies who could be directly or indirectly affected by the decision in Illinois include Amazon (AMZN), eBay (EBAY), Overstock (OSTK), Blue Nile (NILE), ChannelAdvisor (ECOM) and RetailMeNot (SALE).