Overstock.com Inc. says that even though it's stopping its marketing efforts in North Carolina, it hopes to keep its best customers in the state by offering them a reward for their loyalty.
Overstock said Monday that it will give its top 40,000 N.C. customers a free Club O account — which the company values at $20 — and $10 as a loyalty reward. The offer also applies in Illinois, New York and Rhode Island.
The four states have passed laws requiring Internet companies with affiliates within its borders to collect taxes on sales to their customers. The states' goal is to gain new revenue as they try to lessen budget shortfalls.
There could be billions of dollars in potential online sales tax at stake.
For example, lawyers for the N.C. Revenue Department say either Amazon or its customers owe North Carolina $50 million in sales and use taxes on Internet purchases over several years before the state law was changed in 2009.
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Overstock said Monday that it will give its top 40,000 N.C. customers a free Club O account — which the company values at $20 — and $10 as a loyalty reward. The offer also applies in Illinois, New York and Rhode Island.
The four states have passed laws requiring Internet companies with affiliates within its borders to collect taxes on sales to their customers. The states' goal is to gain new revenue as they try to lessen budget shortfalls.
There could be billions of dollars in potential online sales tax at stake.
For example, lawyers for the N.C. Revenue Department say either Amazon or its customers owe North Carolina $50 million in sales and use taxes on Internet purchases over several years before the state law was changed in 2009.
Read More
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