SIFMA and other industry groups are encouraging the Senate to consider how legislation that would allow states to require online retailers to collect sales tax might affect the financial services industry. "We believe the impact of this legislation on trade in services has not been adequately explored by Congress," said Kenneth Bentsen, acting president and CEO of SIFMA. "The bill could lead to unexpected costs being passed on to consumers of financial services, including sales taxes on services or state-level stock transaction taxes." On Monday, the Senate voted to open debate on the legislation. Read SIFMA's statement on the bill.
Published in Brief: