Lawmakers Introduce Bill to Repeal Medical Device Tax

A bill to repeal the 2.3 percent tax on medical devices has been introduced in the U.S. House of Representatives with bipartisan support, according to the Northern Colorado Business Report.

Reps. Erik Paulsen (R-Minn.) and Ron Kind (D-Wisc.) introduced the bill in the House with 175 co-sponsors.

Senators Orrin Hatch (R-Utah) and Amy Klobuchar (D-Minn.) are expected to introduce similar legislation in the Senate, according to the report.

The Patient Protection and Affordable Care Act introduced the tax on medical device makers with more sales of more than $5 million. It went into effect Jan. 1.

The tax was intended to raise funds to cover the cost of health reforms within the reform act, but may opponents of it argue it will cause layoffs and other economic troubles for device makers.

More Articles on the Medical Device Tax:

IRS Releases Final Rule on Medical Device Excise Tax
Lawmakers Oppose Federal Medical Device Sales Tax

© Copyright ASC COMMUNICATIONS 2017. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Top 40 Articles from the Past 6 Months