Medtech pins tax repeal hopes on a lame duck

Industry’s hopes for permanently doing away with the medical device tax rest with the lame-duck U.S. Senate, after the mid-term elections put next year’s House under Democratic control. The Lower Chamber in July voted 283-132 to repeal the tax, enacted in 2010 as part of the Affordable Care Act. The 2.3% top-line levy on U.S. medtech sales has been on hold since 2014, after a moratorium was extended earlier this year, but it’s slated to go back into effect in 2020. Medtech lost one of its biggest backers in Washington with the defeat of Minnesota’s Erik Paulsen in the mid-terms; it was his bill that the House approved last summer. Paulsen, who filed his first bill to repeal the tax back in 2010, introduced his latest repeal bid in January 2017. A companion bill in the Senate has 24 co-sponsors, including nine Democrats; majority leader Sen. Mitch McConnell (R-Ky.) wants to see that number hit 12 or 13, AdvaMed CEO Scott Whitaker told reporters during a conference call today. “The Democrat number is the more important one for us right now. Some Republicans have not sponsored it, but all of them have said they support it,” Whitaker said. “I think that puts us right around 60, and if you also take the conversations we’ve had with Democrats on these issues who just haven’t come around to sponsor the bill yet, or co-sponsor the bill yet, it’s well over 60.” Whitaker counted minority leader Sen. Chuck Schumer (D...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Featured Wall Street Beat medicaldevicetax Source Type: news