H.R.2717
Individual Tax Freedom Act of 2001

Sponsor: Rep Tauzin, W. J. (Billy)(introduced 8/2/2001)

Latest Major Action: 8/2/2001 Referred to House committee

SHORT TITLE(S) AS INTRODUCED:

Individual Tax Freedom Act of 2001

OFFICIAL TITLE AS INTRODUCED:

To promote freedom, fairness, and economic opportunity for families by repealing the income tax, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States. (Emphasis added not in original text)

STATUS:

8/2/2001: Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

8/2/2001:Referred to House Ways and Means

8/2/2001: Referred to House Rules

SUMMARY AS OF:
8/2/2001--Introduced.

National Retail Sales Tax Act of 2001 - Repeals the income, estate, gift, and certain excise tax provisions of the Internal Revenue Code.

Amends the Internal Revenue Code to impose a 15 percent tax on the use, consumption or enjoyment in the U.S. of any property or service produced or rendered within or without of the United States. Prohibits, subject to exception, imposing a tax on any property or service purchased for: (1) a business purpose in an active trade or business; or (2) export from the United States for use or consumption outside of the Unites States, provided that the purchaser provided the seller with either an intermediate sales certificate or an export sales certificate. Sets forth provisions concerning credits and refunds.

Allows for general credits against the tax, including: (1) a used property credit; (2) a business use conversion credit; (3) an administration credit; (4) a compliance equipment cost credit; (5) a bad debt credit; (6) an insurance proceeds credit; and (7) a transition inventory credit.

Provides for installment payments of the tax on the purchase of a principal residence.

Allows an eligible family unit to receive a sales tax rebate.

Directs an administering State to administer, collect, and remit to the U.S. Treasury the tax on gross payments for the use, consumption or enjoyment of taxable property or services within the State.

Prohibits the authorizing of any appropriations for the Internal Revenue Service after FY 2005. Establishes in the Treasury: (1) an Excise Tax Bureau to administer any excise taxes not repealed by this Act; and (2) a Sales Tax Bureau to administer the national sales tax.

Authorizes the Social Security Administration to collect and administer self-employment income and employment taxes.

Requires a supermajority in the House of Representatives or the Senate to raise rates.

COSPONSORS (9):
Rep Barr, Bob - 8/2/2001
Rep Brady, Kevin - 8/2/2001
Rep Burton, Dan - 8/2/2001
Rep Callahan, Sonny - 8/2/2001
Rep Culberson, John Abney - 8/2/2001
Rep DeMint, Jim - 8/2/2001
Rep Hall, Ralph M. - 8/2/2001
Rep Stump, Bob - 8/2/2001
Rep Traficant, James A., Jr. - 8/2/2001