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October 8, 1998

THREE YEAR INTERNET TAX MORATORIUM TO BECOME US LAW

By CBR Staff Writer

The Internet Tax Freedom act has passed its last major hurdle with the Senate voting in favor by 96-2 for the bill that calls for a three-year moratorium on goods and services purchased over the internet. The House has already passed the bill (05/15/98) and all that remains is for President Clinton to sign it into law. He is known to support it the bill. Any taxes that already exist will remain under the bill, but no new taxes can be introduced. The bill also involves the establishment of a commission to study wider electronic commerce tax issues and report back to Congress. It also calls for the President to work with other government to establish a global tax-free zone, which might be asking a lot. Representative Christopher Cox, who first introduced the bill into the House before it went to Congress, says he hopes it to be law by Monday.

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