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Medical Device Tax Could be Repealed
March 10, 2017
Here are four things to know:
- The medical device tax entails a 2.3 percent excise tax on the sale of certain medical devices, payable by the manufacturer or importer of the device, according to the report. The tax was imposed in 2013 as a funding mechanism for the ACA.
- The tax faced bipartisan opposition, with device makers arguing it would hurt innovation and unfairly burden smaller device manufacturers, according to MinnPost.
- In 2015, Congress temporarily suspended the tax on the sale of non-retail medical devices like pacemakers, heart valves, and artificial hips.
- The GOP’s replacement plan would permanently repeal the tax on Jan. 1, 2018.
Written by Mackenzie Bean