Overstock.com Urges Congressional Action Following U.S. Supreme Court Ruling
June 21 2018 - 1:28PM
Overstock.com, Inc. (NASDAQ:OSTK) is prepared to comply with
today’s Supreme Court ruling in South Dakota v. Wayfair, Inc.,
which overturned long-standing United States Supreme Court
precedent, in Quill Corp v. North Dakota. At the same time, the
company calls on Congress to intervene and legislate a fair
solution in the wake of today’s ruling to lessen possible impacts
on innovative internet startups.
“Though the impact of the Court’s ruling today will be clarified
by further proceedings in the lower court, we are prepared to
comply with any outcome, and the decision will have no appreciable
impact on our business,” said Overstock.com executive and board
member Jonathan Johnson.
The 5-4 ruling altered the 26-year Quill precedent, which
established that a retailer had to have a physical presence in a
state, before it could be compelled to collect sales taxes on
behalf of that state. Physical presence will no longer be the
standard, though there are still guidelines for states to consider,
as given by the Supreme Court.
“Today the U.S. Supreme Court has re-shaped the interstate
commerce landscape in a move that could impact small business
innovation on the internet, which has been a driving force behind
our nation’s economy for the last 15 years,” said Johnson. “The
framers of the Constitution intended Congress to regulate
interstate commerce by thoughtful legislation. To lessen the
potential impact of today’s ruling on internet innovation, Congress
can, and should, pass sound legislation allowing states to
accomplish their aims while still permitting small internet
business to thrive.”
The company noted that there are more than 12,000 different
state and local taxing districts, which presents internet start-ups
with a compliance challenge.
Johnson continued, “Unless Congress responds, the Court’s ruling
may remove key entrepreneurial opportunities before they even get
out of the heads of the inventors.”
About Overstock.com
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake
City, Utah that sells a broad range of products at low prices,
including furniture, décor, rugs, bedding, and home improvement. In
addition to home goods, Overstock.com offers a variety of products
including jewelry, electronics, apparel, and more, as well as a
marketplace providing customers access to hundreds of thousands of
products from third-party sellers. Additional stores include Pet
Adoptions and Worldstock.com dedicated to selling artisan-crafted
products from around the world. Forbes ranked Overstock in its list
of the Top 100 Most Trustworthy Companies in 2014. Overstock
regularly posts information about the company and other related
matters under Investor Relations on its website,
http://www.overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended March 31, 2018, which was
filed with the SEC on May 8, 2018, and any subsequent filings with
the SEC.
SOURCE: Overstock.com, Inc.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
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