Geeknet terminates a purchase agreement with Hot Topic and accepts a $20 per share bid by GameStop.
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The Senate legislation grants authority to states to mandate sales tax collection by all retailers that do at least $1 million in remote sales, or sales in states where they don't have a physical presence. Under existing federal law, all retailers are exempt from collecting sales tax in states where they have no physical presence.
At presstime in late May, the House of Representatives had not scheduled a date to debate the online sales tax legislation.