MINNEAPOLIS, August 1, 2011 – Best Buy Co., Inc. (NYSE:BBY), a leading retailer of consumer technology, praised the introduction of the Main Street Fairness Act (S.F. 1452) that allows states the ability to require all retailers – including remote sellers – to collect sales taxes due.
The Durbin bill grants states with simplified sales tax codes the authority to apply sales tax collection obligations fairly to all sellers. Best Buy currently collects and remits sales taxes from consumers in all states that impose one, including sales made in store, by phone or online on www.bestbuy.com.
“We applaud Sen. Durbin for his effort in recognizing the need for fairness in the marketplace and giving states the ability to collect sales taxes already due. Currently, there is a perceived price advantage of 5 to 10 percent based on uncollected sales taxes. This effort by Sen. Durbin helps level the playing field by allowing all sellers to compete on the same terms. We look forward to working with Sen. Durbin and Republican leaders to move forward a comprehensive approach to addressing this fundamental unfairness in the marketplace,” stated Laura Bishop, Best Buy’s senior director of government relations.
About Best Buy Co., Inc.
Best Buy Co., Inc. (NYSE: BBY) is a leading multi-channel global retailer and developer of technology products and services. Every day our employees are committed to helping deliver the technology solutions that enable easy access to people, knowledge, ideas and fun. We are keenly aware of our role and impact on the world, and we are committed to developing and implementing business strategies that bring sustainable technology solutions to our consumers and communities. For information about Best Buy, visit www.bby.com.
Media Contacts:
Lisa Hawks
(612) 291-6150
Lisa.Hawks@bestbuy.com
Laura Bishop
(612) 291-6127
Laura.Bishop@bestbuy.com
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