Category: Medical Device Tax
Massachusetts Gov. Deval Patrick establishes a commission to study a possible tax credit to offset the 2.3% excise tax on U.S. medical device sales for the Bay State's medtech cluster.
Updated July 30, 2014 with comment from MassMEDIC
Massachusetts Gov. Deval Patrick is establishing a special commission to study granting a tax credit to the Bay State's medical device companies to offset the medical device tax.
The IRS calculates that medtech companies paid the federal government $1.4 billion in medical device excise taxes in 2013, according to a response to a Freedom of Information Act request by MassDevice.com.
Medical device companies ponied up $1.4 billion in excise tax payments to the federal government in 2013 to pay for Obamacare, according to documents supplied to MassDevice.com by the Internal Revenue Service.
Medtronic says it paid out $112 million during fiscal 2014 for the medical device tax enacted as part of Obamacare, or nearly 4% of total profits.
Medtronic (NYSE:MDT) said today that it paid out $112 million for the medical device task during fiscal 2014, representing a nearly 4% hit to the bottom line.
The world's largest pure-play medtech company shelled out $21 million during fiscal 2013, according to regulatory filings. Medtronic's fiscal year closes near the end of April.
Medtronic's pending acquisition of Covidien will see the company's headquarters moved to Ireland, and one political hopeful is blaming the Obama Administration for chasing innovation out of the U.S.
A look at some of the top medical device companies suggests that the long-lamented medical device tax hasn't had much of an impact on their research & development budgets.
MASSDEVICE ON CALL — Despite repeated warnings and laments, the medical device tax implemented with healthcare reform hasn't appeared to make much of a dent in the industry's research & development activities, according to a small report.
Senate Republicans looking to include an amendment to repeal the medical device tax voted to block the tax extenders bill.
Senate Republicans, infuriated over Democrats' refusal to allow amendments to a bill that would extend some tax cuts, voted to block the tax extenders bill yesterday.