IL HB2880

Imposes a tax on establishments making the first sale of covered outpatient drugs within Illinois, effective January 1, 2020, equal to 100% of the difference between the gross amount received and the inflation-adjusted baseline average manufacturer price.

Defines "first sale" as an initial sale from a manufacturer to a wholesaler or from a wholesaler to a pharmacy, with the tax charged to and paid by the selling establishment and not passed through to customers.

Requires establishments to file monthly returns with the Department of Revenue by the 20th of each month reporting tax liability, maintain auditable records for at least 3 years, and include specific information on invoices for covered drugs.

Creates the Prescription Drug Fairness Fund in the State treasury to receive tax proceeds, with moneys to be used by the Department of Healthcare and Family Services subject to appropriation.

Applies provisions from the Retailers' Occupation Tax Act and Uniform Penalty and Interest Act to administration and enforcement of this tax.