One of the largest consumer retail channels in the world is about to join the rest of the more traditional outlets in fiscal responsibility. The Internet, having become one of the largest sources of retail sales throughout the world, is now being targeted by a coalition of states for the collection of sales and use taxes.

Called the “Streamlined Sales Tax System for the 21st Century,” this program will create a multistate sales and use-tax agreement, register Internet sellers and provide for an automated system to calculate tax contributions from each jurisdiction on any sale.

A state House committee is set to take up legislation this week to allow Michigan to join the initiative. Gov. John Engler has been pushing the plan for months and the Senate approved the measure, leaving House approval as the last obstacle.

This is a positive step toward equality in business. Gov. John Engler equates this new Internet sales tax to use-taxes already applied to catalog purchases.

And many economists believe if Internet purchases are not taxed, retail outlets may use that as a tool to restructure their stores. Even now, most retail chains push e-commerce, from Jacobson’s to Toys “R” Us. If nothing else, this bill will put Internet and traditional stores on a level playing field, forcing all retailers to pay taxes.

While Internet sellers could lose a portion of their business to the new regulations, it will be good to see people brought back to local retailers. Many people shop online because of convenience and lower prices resulting from the lack of a sales tax.

Opponents of the bill call this a “national effort of tax-hungry governors” who want to “bleed taxpayers for even more sales tax revenue.” They also say it may prevent some businesses from getting into e-commerce, which is fast becoming essential in today’s business world.

And it will cost Michigan $2 million to acquire the ability to collect sales and use taxes online, an analysis by the House Fiscal Agency said.

But this will provide a huge influx of revenue for the state. Michigan will lose $240 million in unpaid sales taxes from Internet purchases next year, according to Michigan’s Department of Treasury. This is expected to increase by 10 percent each year nothing is done.

That’s a lot of money that could be used for many other things.

Sales taxes are already the largest form of revenue for the state budget. The state school aid fund receives about two-thirds of its money from sales and use taxes. Along with increasing money for K-12 education, perhaps this money could help bolster state aid to higher education.

The sooner Michigan gets in on the multistate coalition, the sooner it can join the negotiations to set up the technicalities and mechanics of the new tax system.

And the sooner that happens, the sooner this state can reap the benefits.