SB3296 Summary

• Exempts prescription medicines and medical devices from state sales taxes under the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act, effective July 1, 2020.

• Medical devices exemption includes Class III devices by the U.S. Food and Drug Administration used for cancer treatment pursuant to a prescription, plus any related accessories and components.

• Removes prior language that taxed certain medical devices and cancer treatment products at a 1% rate, consolidating them into a complete exemption instead.

• Exemption applies across all four major Illinois tax acts to ensure consistent treatment of prescription medicines and qualifying medical devices.