Insulin

From the 2024 DOR Tax Exemption Study

82.08.985; 82.12.985 - Insulin Description Insulin for use by humans is exempt from sales and use taxes. Purpose To reduce the cost of insulin. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $55.400 $57.470 $59.540 $61.670 Local Taxes $24.910 $25.840 $26.770 $27.730 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $52.680 $59.540 $61.670 Local Taxes $0.000 $23.690 $26.770 $27.730 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the sales and use taxable activity growth rate reflected in the Economic and Revenue Forecast Council's November 2022 forecast. - Local revenue estimates use the statewide average local sales and use taxes rate of 2.92%. Data Sources - U.S. Census Bureau, Population data - Statista, "The U.S. Accounts for Nearly Half of Global Diabetes Drug Sales" - Statista, "Anti-Diabetes Drugs - Worldwide" Additional Additional Information Information Category: Individuals Year Enacted: 2004 Primary Beneficiaries: Persons with diab