HB 2112 -- Fair Tax Act of 2008

Sponsor:  Emery

This bill establishes the Fair Tax Act of 2008 which requires the
Department of Revenue to develop by January 1, 2009, 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, 2010, with the department-proposed fair tax.
Sales tax exemptions will be eliminated, and tax credits 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 one-fourth 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, 2nd Regular Session
Last Updated October 15, 2008 at 3:11 pm