Rep. Paulsen Introduces Bill to Repeal Medical Device Tax

Rep. Erik Paulsen (R-Minn) this week introduced a bill to repeal the 2.3 percent tax on medical device sales. The legislation is a bipartisan effort co-sponsored by Democrat Congressman Ron Kind of Wisconsin. This is the third time Paulsen has introduced such a bill since 2012--making it through the Republican-controlled House twice, but stalling in the Senate. Now that Republicans control both houses, 2015 could be when the stars align. The latest bill had 254 original co-sponsors, including more than 25 Democrats, and all eight members from Minnesota, home to many medical device manufacturers, including a large employer in Medtronic.  “The medical device tax continues to stifle innovation, cost American jobs, and drive up health care costs despite bipartisan opposition in both houses of Congress,” Paulsen stated in a news release. “With over 250 co-sponsors day one of the new session, it is clear repealing this tax should be one of the priorities for the new Congress. The American people are looking for their elected officials in Washington to find common ground and repealing the medical device tax is a great place to start.” The bill won’t just lower future tax bills for medical device companies--it retroactively eliminates the tax which would mean a refund for companies that have already paid it.  As background, on Dec. 5, 2012, the IRS and the Department of the Treasury issued final regulations on the new 2.3-percent me...
Source: Policy and Medicine - Category: American Health Authors: Source Type: blogs