Washington (Sept. 25, 2003) -- The Internet tax moratorium passed last week by the House would reduce state and local revenue collections by at least $4 billion and as much as $8.75 billion annually by 2006, rather than the earlier estimation of $500 million according to a study by the Multistate Tax Commission.
The MTC said the prospect of unintended billions in potential losses for local and state governments would result from language in the bill that courts could interpret as providing a blanket exemption from non-federal taxes for the telecommunications industry.
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