IRS Lays Out Plan For New Medical Device Tax

Law360, New York (February 6, 2012, 5:19 PM EST) -- The Internal Revenue Service on Friday outlined how it planned to impose a 2.3 percent excise tax on the manufacturers and importers of medical devices, a provision of the Affordable Care Act that will bring in an estimated $20 billion over the next several years.

The proposed rule, to be published in the Federal Register on Tuesday, offers guidance on how the excise tax will work and responds to a slew of industry comments that have already been submitted on the tax.

Under the rule, which...
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