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Tax on medical devices resuming after 2-year suspension
Business
Published in 2-1-2018
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BOSTON - While much of corporate America will enjoy a tax cut in the new year, one industry is getting a tax increase it has fought hard but so far unsuccessfully to avoid. A 2.3 percent excise tax on medical device manufacturers went back into effect Monday after a two-year hiatus. It was first imposed in 2013 as one of several taxes and fees in the Affordable Care Act that pay for expanded health insurance under the law. The tax was strongly opposed by the $150 billion a year industry that produces everything from catheters to heart stents to artificial joints. In Congress, it was unpopular not only with Republicans but many Democrats from states like Massachusetts and Minnesota with large numbers of medical device companies.
Reference: www.chron.com