MASSDEVICE ON CALL — The 1st payments for the 2.3% medical device tax which took effect this year are due at the end of the month, and the burden of those new fees will "absolutely, directly, negatively influence job growth," BioMimetic Therapeutics founder Sam Lynch told reporters.
""The challenge of the tax is that it’s on revenue, not earnings, so for companies that might not be profitable already, it will hit harder," Lynch told the Nashville Biz Blog.
The tax took effect at the start of the year over the objections of the largest lobbying groups in the medtech industry, but the fight is not over.
North Star State legislator Sen. Al Franken conceded that repealing the tax will be more difficult now that it has taken effect, but he’s not giving up the fight.
"You’d be naive to say [implementation of the tax] doesn’t make it harder [to repeal]," Franken told the Star Tribune. "But I want to meet with folks from the industry here in the state and talk about different ways of … providing evidence that this [tax] might be counterproductive."
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