Interstate Taxation Act

Interstate Taxation Act - Title I: Sales and Use Taxes - Establishes uniform standards under which a State or a political subdivision of a State may exercise the power to impose a sales tax or to require a person to collect a sales or use tax with respect to an interstate sale of tangible personal property with a destination in the State or political subdivision.

Authorizes a State to require an out-of-State seller to collect and remit a uniform combined State and local sales and use tax with respect to an interstate sale of tangible personal property. States that such a tax shall not be required of a business whose annual receipts from within the State levying such tax are less than $20,000. Precludes the imposition of separate State and local taxes when a combined tax is provided for by State law.

Establishes criteria with respect to the authority of a State to require the collection and remittance of a uniform combined State and local sales and use tax by an out-of-State business.

Limits the sales on which an out-of-State seller may be required to collect a sales or use tax of a political subdivision or a geographic area of a State to those interstate sales in which the seller has a business location or regularly makes deliveries other than by common carrier or United States Postal Service.

Provides for the collection of a use tax by a State or political subdivision thereof with respect to property: (1) acquired in an interstate sale from an out-of- State seller who is not required to collect a uniform combined State and local sales and use tax with respect to such sale; or (2) acquired outside the State and brought into the State or political subdivision by such user or purchaser.

Provides for an out-of-State seller to elect to become subject to the sales and use tax laws of a State or political subdivision thereof in lieu of collecting the uniform combined State and local sales and use tax.

Requires States having a uniform combined State and local sales and use tax to establish a tax rate to be applied by out-of-State sellers in collecting such tax which is uniform throughout the State.

Sets forth regulations to prevent the collection of excess or multiple taxes on the same goods. Provides for a refund of specified excess taxes. Enumerates exempt transactions and costs from the amount to which a sales or use tax rate may be applied.

Title II: Net Income and Gross Receipts Taxes - Prohibits States and political subdivisions thereof from: (1) imposing a net income tax on a corporation unless the corporation has a business location in the State or political subdivision in the taxable year; or (2) imposing a gross receipts tax with respect to a sale of tangible personal property unless the seller has a business location in the State or political subdivision.

Sets forth conditions by which it may be determined if a corporation is taxable in a State and if it is taxable in more than one State. Sets forth a formula by which may be determined that portion of the net income of a corporation taxable in more than one State. Defines the terms "property factor," "payroll factor," and "sales factors" as used in the formula. States that: (1) income from sources without the United States; and (2) certain corporate dividends shall be excluded from apportionable income.

Title III: Definitions and Miscellaneous Provisions - Defines terms used in this Act. Prohibits the States from increasing sales or use taxes because of occurrences outside the State if the same occurrences within the State would not increase the tax.

Clarifies regulations with respect to liability for unassessed sales, use, net income, and gross receipts taxes.

Title IV: Jurisdiction of Federal Courts - Gives the United States Court of Claims the jurisdiction to review de novo any issues relating to a dispute arising under this Act.