Establishes the "Fair Tax Act of 2025" which replaces the state individual and corporate income tax and the estate tax with a fair tax based on all new retail sales and services

HB 821, the "Fair Tax Act of 2025," would replace Missouri's individual and corporate income taxes, estate tax, and related taxes with a 5.11% tax on all new retail sales and services. It would directly affect all Missouri residents and businesses by shifting the tax base from income to consumption, eliminating current income tax obligations. The bill requires the state to provide a monthly sales tax rebate to qualified families, calculated using federal poverty guidelines. The law would take effect only if approved by voters in a 2026 referendum.