Best Buy Reaction to eFairness Legislation
MINNEAPOLIS – February 14, 2013 - Best Buy Co., Inc. (NYSE:BBY), the largest consumer electronics retailer applauded federal legislation introduced today that gives individual states the authority to apply sales tax collection laws fairly to all sellers, regardless of selling channel. The Marketplace Fairness Act, sponsored by U.S. Senators Durbin, Heitkamp, Alexander and Enzi and U.S. House Representatives Womack, Noem, Speier, Conyers and Welch, would update old laws – established well before the days of online shopping – that only applied to retailers, like Best Buy, that had physical locations. This legislation would allow states to enforce their own existing sales tax laws on all retailers who do business in the state, giving states more authority over their own fiscal matters.
“We fully support and encourage Congress to pass this long overdue and widely supported reform,” said Hubert Joly. “The retail environment is much different today than when these laws were originally passed –long before the Internet even existed. Today’s highly competitive marketplace allows consumers to shop how they want, when they want and where they want. It is critical that today’s sales tax laws reflect this new world, because when businesses compete fairly consumers and communities benefit.”
Best Buy currently collects and remits sales taxes from consumers in all states that impose one, including sales made instore, by phone and online on www.bestbuy.com.