IRS Finalizes $29B Medical Device Excise Tax

Law360, New York (December 5, 2012, 6:14 PM EST) -- The Internal Revenue Service on Wednesday released its final rule implementing the Affordable Care Act's excise tax on medical devices, which is estimated to cost the industry $29 billion over 10 years, as the industry continues to push to repeal the tax altogether.

The 2.3 percent excise tax, on the sale of most products considered devices by the U.S. Food and Drug Administration, will go into effect Jan. 1. Although the final rule adheres closely to the proposed rule released in February, the IRS addressed several...
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