Oklahoma governor signs online Internet tax proposal

OKLAHOMA CITY (AP) — Gov. Mary Fallin has signed legislation that supporters say will help the state collect more revenue from online purchases.

Fallin signed legislation Tuesday that requires retailers to notify their Oklahoma customers they may owe taxes on their online purchases when filing state tax returns. The bill would also require retailers to provide Oklahomans with an annual report of how much they spent on online purchases.

The Oklahoma Tax Commission says it doesn't expect the legislation to have an impact on next year's budget, but officials estimate the state loses $150 million annually in unpaid sales and use taxes on mostly Internet purchases.

Supporters say the law will help local retailers who struggle to compete with online competitors. The law goes into effect Nov. 1.

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Online:

House Bill 2531: http://bit.ly/1QIfL8K

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The Gayly - 5/18/2016 @ 10:19 a.m. CDT