Amazon to Collect Connecticut Sales Tax
Amazon will begin to collect sales tax in the state of Connecticut, according to a press statement from the office of Connecticut Gov. Dannel Malloy. The online retailer will begin collecting the 6.35% tax Nov. 1, with the move expected to contribute around $8 million to state revenue in its first year and between $13 million and $15 million in the second.
According to the release, Amazon has also agreed to invest $50 million in Connecticut and to create hundreds of new full-time jobs in the state. Connecticut becomes the latest state to collect tax from the Internet giant, which already records such tax from customers in eight states. Customers in Virginia, Massachusetts, and New Jersey are slated to begin paying tax this year, with more states slated to join them in the future.
Malloy was quoted in the release as saying, "Amazon's multi-million dollar investment and the hundreds of jobs that will come with both the construction and operation of their future facility will unquestionably boost our local economy."
The article Amazon to Collect Connecticut Sales Tax originally appeared on Fool.com.Fool contributor Dan Carroll has no position in any stocks mentioned. The Motley Fool recommends Amazon.com. The Motley Fool owns shares of Amazon.com. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.