Today is the first day that New Jersey will start collecting sales tax on online purchases.

The Supreme Court ruled that states are able to collect sales tax from online purchases the same way they do from brick-and-mortar stores. The old law actually required consumers to declare the taxes on online purchases on their personal income tax forms, but according to John Holub, the president of the New Jersey Retail Merchants Association, just 1 percent of consumers would do that.

Pekka Jaakkola/ThinkStock

I understand why this happened, and I guess you can just chalk it up to "all good things must come to an end."  Being able to hop on Amazon and not pay the tax that I would have paid at a regular store was a sweet loophole, but I do get that it crushes the local stores.

Will this new law have an impact on your holiday shopping this year?

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