Internet Tax Moratorium and Equity Act

Internet Tax Moratorium and Equity Act - Amends the Internet Tax Freedom Act to extend: (1) permanently provisions which prohibit a State or political subdivision from imposing taxes on Internet access, unless such tax was generally imposed and actually enforced prior to October 1, 1998; and (2) until December 31, 2005, the State or political subdivision prohibition on multiple or discriminatory taxes on electronic commerce.

Expresses the sense of the Congress that: (1) States and localities should work together to develop a uniform streamlined sales and use tax system that addresses remote sales; and (2) a study should be commissioned to determine seller costs of collecting and remitting State and local sales and use taxes from remote sales.

Authorizes States to enter into an Interstate Sales and Use Tax Compact which shall describe a uniform, streamlined sales and use tax system consistent with the above system.