Survey Reveals Medical Device Tax Suspension Boosts Jobs, Innovation
A survey of CEOs and board members at the Medical Imaging & Technology Alliance showed that the 2-year suspension of the medical device tax is resulting in increased hiring and more spending on research and development.
President Barack Obama in December 2015 signed into law an omnibus tax and spending bill that pauses the medical device tax for 2 years, hours after the U.S. Senate approved the $1.8 trillion measure on a 65-33 vote. The pause on the tax, a 2.3% levy on all U.S. sales of medical devices, is estimated to cost $3.4 billion, according to the Joint Committee on Taxation. The law also enshrined a research & development tax credit worth$113 billion over 10 years.
President Barack Obama in December 2015 signed into law an omnibus tax and spending bill that pauses the medical device tax for 2 years, hours after the U.S. Senate approved the $1.8 trillion measure on a 65-33 vote. The pause on the tax, a 2.3% levy on all U.S. sales of medical devices, is estimated to cost $3.4 billion, according to the Joint Committee on Taxation. The law also enshrined a research & development tax credit worth$113 billion over 10 years.