Category: Medical Device Tax
Former Indiana Sen. Evan Bayh told medical device makers at AdvaMed 2014 that he is confident President Barack Obama won't fight a repeal if there's an offset, saying it's "not a big issue" for the president.
Regardless of whether Republicans are able to re-take the U.S. Senate in the midterm elections, there's a good chance the medical device tax will be repealed, according to former Sen. Evan Bayh.
The medical device industry's fears about the medical device tax have borne out, making its repeal a top agenda item for AdvaMed CEO Stephen Ubl.
Time has not healed all wounds when it comes to the medical device tax. Nearly 2 years after implementation, the levy has played out according to script, AdvaMed president & CEO Stephen Ubl said this week.
Candidates in the race for Massachusetts governor race tell MassDevice.com that they're for a repeal of the medical device tax and would support exploring a potential offset for Bay State medtech companies.
The next Massachusetts governor won't be spending any political capital defending the medical device tax, a 2.3% excise tax on U.S. medtech sales. Both of the leading candidates told MassDevice.com yesterday that they would push for a federal appeal and consider a tax credit to offset the levy.
The IRS collects far fewer medical device tax returns than expected, but industry insiders maintain that there is no "tax revolt" underway.
The IRS may have a new problem on its hands with a dramatic shortfall in revenues collected for the 2.3% medical device tax.
The agency expected between 40%-66% more filed returns during the 1st half of 2013 than it received, according to a report from the Star Tribune.
The U.S. House of Representatives passes a jobs package that would repeal the medical device tax and issue refunds for all levies paid since the 2.3% excise tax went into effect last year.
UPDATED Sept. 19, 2014, with comment from MDMA, MITA and AdvaMed.
The U.S. House of Representatives voted yesterday to repeal and refund the medical device tax and promptly went into recess until after the mid-term elections in November.