Senators Want $29B Medical Device Excise Tax Put On Hold

Law360, New York (December 10, 2012, 4:48 PM EST) -- A bipartisan group of U.S. Senators on Monday urged a delay in the implementation of the Affordable Care Act’s excise tax on medical devices, which is estimated to cost the industry $29 billion over 10 years.

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. The Internal Revenue Service released its final rule implementing the tax last Wednesday.

Yet the medical device industry has received little guidance about how...
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