Overstock.com Comments on U.S. Supreme Court Decision to Review South Dakota’s Sales Tax Case
January 12 2018 - 3:39PM
Overstock.com, Inc. (NASDAQ:OSTK) recognizes the attention that
this case has generated, and looks forward to the opportunity to
convince the Supreme Court to confirm its prior rulings protecting
the free flow of interstate commerce from overreaching state tax
laws. South Dakota’s appeal to the U.S. Supreme Court seeks to
reverse a lower court decision rejecting the state’s effort to
abrogate Quill Corp v. North Dakota. South Dakota’s petition
strives to permit the state to expand its tax authority beyond its
borders and impose obligations on out-of-state sellers with no
physical presence in the state.
“We’re confident that as the Supreme Court delves deeper into
the issue, it will confirm that the doctrine stated in Quill Corp.
v. North Dakota is clear and fair on this matter,” said Jonathan
Johnson, president of Overstock’s subsidiary, Medici Ventures,
Inc., and a member of Overstock’s board of directors, “That said,
unless Congress intercedes, under the U.S. Constitution any
retailer without a physical presence in South Dakota cannot be
required to collect and remit state sales tax.”
The retailers named in the lawsuit, Overstock, Wayfair Inc., and
Newegg Inc., maintain the lawsuit is in direct opposition to
existing precedent set by the U.S. Supreme Court in Quill Corp. v.
North Dakota, which mandates that only companies with an actual
physical presence in a specific state are responsible for
collecting sales tax. None of the retailers named in the lawsuit
have an established physical presence in South Dakota.
“States do not have power to conscript individuals or
organizations that do not have a physical presence within their
state to do the state’s job of collecting sales tax,” continued
Johnson. “It’s a straightforward notion. And, disregard for the
precedent would have severe consequences for future businesses and
individuals.”
“We will confidently stand shoulder to shoulder with our
competitors to fight this brash attempt by the State of South
Dakota to evade constitutional law,” concluded Johnson.
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 September
30, 2017, which was filed with the SEC on November 8, 2017, 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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