Medical Device Excise Tax Update
Pennsylvania Bio recently reported:
“Momentum for repeal of the Federal Medical Device Tax in the Affordable Care Act continued to build today as members of the U.S. Senate Finance Committee introduced S. 149, the "Medical Device Access and Innovation Protection Act," which would repeal this 2.3% tax on jobs and innovation. The Senate legislation had 10 co-sponsors (5 Republicans and 5 Democrats), including Pennsylvania Senators Bob Casey (D) and Pat Toomey (R).
Read the news release issued by the Senate Finance Committee.
The Senate action today comes on the heels of last week's introduction in the House of Representatives of H.R. 160, "The Protect Medical Innovation Act," sponsored by, among others, thirteen members of the Pennsylvania Congressional delegation. H.R. 160 now has 261 cosponsors.”
For updates on the Medical Device Excise Tax, continue to check the EisnerAmper Life Sciences blog. To the extent that the tax is repealed, we will provide further guidance with regard to filings for potential refunds and other administrative procedures.