Removing a tax exemption for the warehousing and reselling of prescription drugs. (REVISED FOR ENGROSSED: Removing a tax exemption for the warehousing and reselling of prescription drugs and providing tax relief for critical access pharmacies.)

Summary

The bill eliminates the tax exemption that currently lets companies warehouse and resell prescription drugs without paying the business and occupation tax, and instead imposes a modest tax on those activities. It also creates a reduced tax rate for pharmacies that serve remote or underserved areas, called critical access pharmacies. The changes are intended to bring the tax code up to date and generate additional revenue for state services.

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