A drive collet assembly for an internal thread producing tap. The collet includes a collar that is attached to the stem of the tap using set screws. The collar is received into a recess of the body portion of a drive collet and retained therein using a spring clip. A smaller diameter aperture extends into the body portion above the recess, the aperture receiving a portion of the stem of the tap, the portion has a pair of opposed flats thereon. At least two laterally extending threaded apertures intersect the smaller diameter aperture and each receive a rigid button, a flexible element and a set screw. The set screw can be adjusted to provide a desired breakaway torque which will protect the tap from breakage should an over-torque condition occur. The flexible element will allow the rigid buttons to be forced outwardly so that the drive collet assembly spins freely about the jammed tap, rather than twisting it off. Reversing the direction of the drive will break off the chip or burr or clear the tip of the tap from touching the bottom of the hole and allow the tap to be rotated out of the hole.