Corporate Finance Law Blog : Corporate Finance Lawyer & Attorney : Davis Wright Tremaine Law Firm

The United States Senate Committee on Commerce, Science & Transportation was unable to act on legislation (S. 1453, the IFTA Extension Act) that would have extended the life of the Internet Tax Nondiscrimination Act at yesterday's Committee markup session.

The Chairman of the Committee, Daniel K. Inouye, issued this statement following the Committee's removal of the item from the Committee's mark up agenda.

We previously blogged about this, and we will keep you updated of developments on this front.

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The Internet Tax Nondiscrimination Act, which as previously titled (the Internet Tax Freedom Act) originally became law in 1999, and has twice been extended, is set to expire on November 1 of this year.  The act prohibits taxes on Internet access and multiple or discriminatory taxes on Internet commerce.  Congress is considering a number of alternatives, from extending the act for another fixed period, to making it permanent, but it does not appear that Congress will act before the deadline (although they could act later and make whatever law passes effective as of November 1).  We will keep you updated on developments.

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