Senate Bill 1032 proposes the creation of a sales and use tax exemption for over-the-counter drugs in Wisconsin. The bill introduces new legal definitions and provisions, specifically adding section 77.51 (9rm) to define "over-the-counter drug" as a product that includes a label identifying it as a drug, in accordance with federal regulations. Additionally, it establishes section 77.54 (14) (g) to explicitly exempt these drugs from sales and use tax.

The bill aims to alleviate the financial burden on consumers purchasing over-the-counter medications by removing the associated tax. It is important to note that this legislation may be reviewed by the Joint Survey Committee on Tax Exemptions due to its implications on state and local tax policies. The act is set to take effect on the first day of the third month following its publication.