Amazon and other online retailers are getting hit after the Supreme Court ruled states can collect taxes on internet sales
- States may require online retailers to collect sales taxes, the Supreme Court ruled Thursday.
- Shares of Amazon, Overstock.com, Etsy, Wayfair and other retailers fell after the ruling was announced.
- Only five states do not collect a statewide sales tax.
Shares of Amazon and other online retailers fell Thursday morning after the Supreme Court ruled that individual states can require tax collection on digital sales.
Here's how stocks reacted:
Thursday's decision overturns a 1992 ruling which limited tax collection by retailers for online sales, regardless of the state where a shopper lives or if the company has a physical presence in that state.
Only five states do not have a state-wide sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon. However, Alaska and Montana allow individual individual cities to collect local sales taxes, according to the Tax Foundation.
Shares of Amazon are up 49% since the beginning of 2018.
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