Medical Device Tax Repealed
- Jan 17, 2020
On December 20, 2019, President Trump signed into law the United States fiscal year 2020 appropriations package, which officially repealed the Medical Device Tax (the “Tax”), effective January 1, 2020. The tax, which had been in effect since 2013 as part of the Affordable Care Act, imposed on manufacturers and importers a 2.3% excise tax on the sale of medical devices. A moratorium on the tax had been in effect from 2016 through 2019.
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Benjamin Aspir is a Partner and a member of the firm’s National Tax Group, with more than 10 years of public accounting experience. He has extensive experience with IRC Section 1202 - Qualified Small Business Stock and advising cannabis clients on IRC Section 280E, within the Manufacturing and Distribution practice.
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