Bill > HB0767

This bill amends Tennessee tax law to create a new exemption for certain high-cost prescription drugs and related services from business taxation. Specifically, the legislation will exempt from business tax any prescription drugs or medicines that have a 30-day supply cost exceeding the Medicare Part D specialty tier cost threshold for 2025, as determined by the federal Centers for Medicare and Medicaid Services (CMS). Additionally, the bill provides a tax exemption for services directly related to these drugs, including preparation, storage, handling, administration, patient education, and post-sale monitoring. By targeting drugs that are particularly expensive, the bill aims to reduce the financial burden on patients and healthcare providers for high-cost medications. The tax exemption will take effect on July 1, 2025, giving businesses and healthcare systems time to prepare for the change. This legislation modifies existing Tennessee tax code sections 67-4-708 and 67-4-712 to implement these new exemptions.

Budget and Finance

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0767&ga=114