Establishes the 12-member Tax Reform Commission (Commission). Defines the membership of the Commission. Provides for the compensation of members and administration of the Commission. Directs the Commission to study the state tax system and to identify potential methods of eliminating the state income tax while enacting other taxes and tax systems that fairly distribute the tax burden and generate sufficient revenue to continue to pay for supplying vital services to the residents of North Carolina. Directs the Commission to report its findings and recommendations to the 2012 Regular Session of the 2011 General Assembly before January 31, 2012. The Commission is to terminate upon the filing of this report. Appropriates $25,000, for 2011-12 from the General Fund to the General Assembly for the performance of these study duties.