IRS Lends Device Makers Leeway On Industry-Loathed Tax

Law360, New York (December 18, 2012, 7:16 PM EST) -- Attorneys for medical device companies have breathed a sigh of relief over the Internal Revenue Service's final excise tax rule, in which the agency delayed penalties for incorrect payments for much of the year and promised flexibility on rules for price calculations, even as the industry lobbies to repeal the $29 billion tax completely.

The industry is lobbying hard against the 2.3 percent excise tax, but its chances of success — especially before the tax goes into effect Jan. 1 — are uncertain. While there has...
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