SALT Report 1710 – The South Carolina Department of Revenue has issued guidance regarding the new exemption for injectable medications and injectable biologics. Code Section 12-36-2120 has been amended to add an exemption for injectable medications and injectable biologics, if they are administered by, or under the supervision of, a physician in a medical office or a certified kidney dialysis facility.
This exemption will be phased-in based on the annual general fund growth forecast. If the annual general fund revenue growth forecast is at least 2%, then the exemption will be phased-in as follows:
- Phase-in 1: If sales meet or exceed the 2% growth requirement as of the February 15th meeting then 50% of the gross proceeds of sales will be exempt.
- Phase-in 2: If sales meet or exceed the 2% growth requirement following the next February 15th forecast meeting then 100% of the gross proceeds of sales will be exempt.
The exemption is effective on the first July 1st that follows a February 15th forecast meeting where the 2% growth requirement is met.
For Further Information: