NET FAIR Act

New Economy Tax Fairness Act or NET FAIR Act - Amends Federal law providing jurisdictional standards for the imposition of State and local business activity, sales, and use taxes on interstate commerce to prohibit a State from imposing any such tax on income derived from interstate commerce unless such person has a substantial physical presence in such State. States that a substantial physical presence does not exist if the only business activities within such State include, among other things: (1) the presence or use of intangible personal property in such State; (2) the use of the Internet or an Internet service provider within such State to maintain, take, or process orders; and (3) affiliation with a person within such State or the use of an unaffiliated representative or independent contractor in such State. Provides that the substantial physical presence of any person shall not be attributed to any other person absent the establishment of a relationship that: (1) results from the consent by both persons that one person act on the other's behalf and subject to their control; and (2) relates to the activities of the person within the State.

Prohibits a State from assessing any business activity tax which was imposed prior to this Act, if the imposition of such tax is prohibited, above.

Terminates a person's obligation to pay State-imposed business activity, sales, or use tax if such person no longer has a substantial physical presence in that State.