AN ACT relating to a refundable tax credit for prescription drug costs.
     Create various new sections of KRS Chapter 194A to define terms; require the secretary of the Cabinet for Health Services to negotiate the highest obtainable rebates from drug manufacturers to be used to provide a refundable prescription drug tax credit for uninsured Kentucky residents who have incomes at or below 350% of the federal poverty guidelines; require the secretary to use the amount of rebates provided to the Medicaid program and other federal programs as a basis for negotiating the rebates; permit the Cabinet for Health Services to submit any required state plan amendment or Medicaid waiver to the federal Centers for Medicare and Medicaid Services develop a preferred drug list for the Medicaid program as a condition of providing rebates to "qualified residents"; establish a Kentucky Rx refundable tax credit fund in the State Treasury; create a new section of KRS Chapter 141 to allow a refundable tax credit for prescription drug costs for qualified residents; authorize the secretary of the Finance and Administration Cabinet to determine the amount of the tax credit based on the amount of funds available divided by the number of estimated "qualified residents"; prohibit the amount of the tax credit to exceed the out-of-pocket costs; amend KRS 141.0205 to establish the order in which the refundable prescription drug credit is applied against tax imposed by KRS 141.020; and apply the refundable tax credit beginning with the 2006 tax year.

     Jan 4-introduced in House
     Jan 6-to Appropriations and Revenue (H)