MI HB5342

Expands the exemption for prescription drugs under Michigan's Use Tax Act to include over-the-counter drugs purchased pursuant to a prescription.

Defines "prescription" and "prescription drug" according to section 17708 of the public health code (MCL 333.17708).

Maintains existing exemptions for prescription drugs for human use, food and food ingredients (excluding prepared food for immediate consumption), beverage container deposits, and live animals for slaughter.

Preserves the definition and taxation rules for "prepared food" (heated food, mixed ingredients, or food sold with eating utensils) while exempting certain items like bakery products sold without utensils and unheated food sold by weight or volume.