338.520. Calculation of tax liability--notification to pharmacies--quarterly adjustment authorized. - Missouri Statutes

Calculation of tax liability--notification to pharmacies--quarterlyadjustment authorized.

338.520. 1. The determination of the amount of tax due shall be themonthly gross retail prescription receipts reported to the department ofrevenue multiplied by the tax rate established by rule by the department ofsocial services. Such tax rate may be a graduated rate based on grossretail prescription receipts and shall not exceed a rate of six percent perannum of gross retail prescription receipts; provided, that such rate shallnot exceed one-tenth of one percent per annum in the case of licensedpharmacies of which eighty percent or more of such gross receipts areattributable to prescription drugs that are delivered directly to thepatient via common carrier, by mail, or a courier service.

2. The department of social services shall notify each licensedretail pharmacy of the amount of tax due. Such amount may be paid inincrements over the balance of the assessment period.

3. The department of social services may adjust the tax ratequarterly on a prospective basis. The department of social services mayadjust more frequently for individual providers if there is a substantialand statistically significant change in their pharmacy salescharacteristics. The department of social services may define suchadjustment criteria by rule.

(L. 2002 S.B. 1248, A.L. 2003 H.B. 286 merged with H.B. 600)

Effective 6-26-03 (H.B. 286)

7-01-03 (H.B. 600)

Expires 9-30-11