IN HR0007

Urges the Legislative Council to assign a Fair Tax study to the appropriate study committee for comprehensive analysis at the state level

References H.R. 25, The Fair Tax Act of 2015, which would repeal federal income taxes, payroll taxes, and capital gains taxes while imposing a single-rate national consumption tax with monthly family rebates

Identifies South Carolina House Bill H. 3211 as the most accurate model for a state-level Fair Tax based on federal Fair Tax principles

Directs study to determine total consumption tax rates needed to fund the state, individual counties, and family consumption tax rebates, requiring a major overhaul of Indiana's current tax code

Calls for independent analysis by two Indiana universities and a private institute with expertise in state tax structure