HB 1034 -- Fair Tax Act of 2007

Sponsor:  Emery

This bill establishes the Fair Tax Act of 2007 which requires the
Department of Revenue to develop by January 1, 2008, methods for
replacing the state individual and corporate income tax and the
estate tax with a fair tax based on all new retail sales and
services.  Upon voter approval, the income tax will be replaced
beginning January 1, 2009, with the department-proposed fair tax.
Tax credits and sales tax exemptions will be phased-out as the
fair tax rate is adjusted to provide continued funding for
programs.  Each sales tax collector and the department will be
allowed to retain 1/4 of 1% of the amount collected.  Each family
will receive a monthly sales tax rebate based on the number of
members in the family and the federal poverty level guidelines to
offset the sales tax on basic necessities.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:21 am