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TN SB0907
Bill
Status
2/5/2025
Primary Sponsor
Ferrell Haile
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AI Summary
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Exempts high-cost prescription drugs from Tennessee's business tax when the 30-day supply cost exceeds the Medicare Part D specialty tier threshold for 2025 plan years (set by CMS under federal regulations)
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Exempts related services from taxation, including preparation, storage, handling, administration, patient education, and post-sale monitoring for qualifying exempt medications
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Amends Tennessee Code Section 67-4-708(2)(D) to exclude prescription drugs and patent medicines that qualify for the new exemption
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Takes effect July 1, 2025
Legislative Description
AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, Part 7, relative to taxation.
Taxes, Business
Last Action
Placed on Senate Finance, Ways, and Means Committee calendar for 4/21/2025
4/17/2025