Michael Semes Quoted Regarding State Taxes and Digital Economy

News / June 29, 2021

Of Counsel Michael Semes is quoted in an article published on June 29, 2021, by Tax Notes. The article “State Taxes and the Digital Economy: NFTs and the MTC Project” reports on a panel discussion at the ABA’s Section of Taxation’s virtual meeting in May at which participants discussed how companies pursuing an ITFA challenge might counter a state’s argument that it is imposing a tax on a digital product or service for which there is no tangible equivalent. Semes said the ITFA’s legislative history indicates that federal lawmakers “considered a tax discriminatory when a state or local jurisdiction imposes it on a form of electronic commerce for which no similar non-digital product or service exists."

Read the article (registration required).