Jolley wins Senate approval for fund protecting Oklahoma taxpayers from higher tax burden

The full Senate has given unanimous approval to a plan aimed at countering the impact of proposed federal legislation taxing Internet sales. The federal Marketplace Fairness Act of 2013 would require Internet sales tax collections on businesses that don’t have a substantial physical presence in the state.

Sen. Clark Jolley is the author of the measure creating the Marketplace Equalization Fund, which was approved Wednesday as an amendment to HB 2720. The act would only become effective if Congress approves the Marketplace Fairness Act of 2013.

“The federal legislation would undoubtedly result in increased collection of state sales taxes,” said Jolley, R-Edmond. “This will increase the state tax burden on Oklahomans, so I’ve proposed putting those state sales tax collections in a special fund that will be used to decrease state income taxes—this ensures Oklahomans won’t have to pay more to the state government when we are already over-taxed by Washington as it is.”

Jolley, Senate Appropriations Chair, said HB 2720 would now go to conference to finalize the new language to give Oklahomans the maximum protection possible.

“I think the Senate vote vote shows that Oklahomans from every part of the state are concerned about our high tax burden,” Jolley said. “We’ve worked very hard to lower the tax burden on Oklahoma citizens. If Congress approves the Marketplace Fairness Act, my measure would give us a way of countering its effect.”