Retail experts are anticipating that the Thanksgiving shopping weekend will once again be record-breaking, particularly for online sales. Last year, the Monday after Thanksgiving—nicknamed Cyber Monday—saw a record $6.6 billion in sales, up 16.8% from the previous year, Governing reports.
But if states are hoping for a revenue windfall in the aftermath of the U.S. Supreme Court ruling this year that allowed them to collect online sales taxes—not so fast.
“Ultimately, I think there will be a nice little bump to states,” says Brian Kirkell, a principal at the tax consulting firm RSM, “but it’s not going to change much.”
That’s because there are still a lot of unknowns when it comes to how much the ruling will affect revenues.
In Louisiana, the state government has given itself until the end of the year to implement a new process and software for collecting sales taxes from remote online sellers. In the wake of the South Dakota v. Wayfair U.S. Supreme Court decision, Louisiana set a self-imposed Jan. 1 deadline to have the necessary software in place for remote sellers to begin collecting and remitting Louisiana state sales taxes.
Out-of-state businesses with more than $100,000 in sales or 200 transactions in Louisiana per year will be required to collect state sales taxes.
Read the full Governing story, and check out a Daily Report feature on Louisiana’s online sales tax here.
