The U.S. House of Representatives overwhelmingly voted to repeal the Medical Device Tax, Tuesday. Co-sponsor Bucks Congressman Brian Fitzpatrick released the following statement, saying he was “proud to advance the bipartisan Protect Medical Innovation Act.”
“Today’s vote fulfills a pillar of the Problem Solvers’ Caucus healthcare agenda that would provide relief to patients and families, while encouraging medical research and development.
Moreover, repeal of the medical device tax ensures that the United States continues to be the world leader in healthcare innovation by encouraging further investment in cutting edge medical research and technology while protecting good paying jobs in Bucks and Montgomery counties.”
The bipartisan Protect Medical Innovation Act [H.R. 184] permanently repeals the Medical Device Tax imposed by the Affordable Care Act –effective for sales after Dec. 31, 2019.
Beginning in 2013 under the Affordable Care Act, the manufacturer, producer, or importer of any taxable medical device must pay an excise tax equal to 2.3 percent of the sales price of such device. Congress has previously agreed that this tax is harmful to job creation and innovation by suspending its enactment for 2016 and 2017 and again for 2018-19. –PW