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2007 SESSION

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SJ 326 Consumption of goods and services; joint subcommittee to study viability of fair tax thereon.

Introduced by: J. Brandon Bell, II | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Study; fair tax; report.  Establishes a joint subcommittee to study the viability of a fair tax on the consumption of goods and services as an alternative tax system. During its two-year study, the joint subcommittee will (i) explore the revenue that could be generated from a fair tax on the consumption of goods and services, (ii) determine the amount of revenue that is currently generated from state and local general fund taxes, (iii) estimate the rate of a fair tax that would need to be imposed on the consumption of goods and services to generate approximately the same amount of revenue that is currently generated from state and local general fund taxes, (iv) study other issues relating to the adoption of a fair tax including the distribution of revenues, and (v) determine the viability of a fair tax on the consumption of goods and services as a replacement for current state and local general fund taxes.


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