Device Tax Repeal As Tax Reform: AdvaMed Makes The Case
This article was originally published in The Gray Sheet
AdvaMed aims to “decouple” discussion of the device tax from the health care reform debate and link its repeal to broader efforts focused on improving the U.S. tax system.
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A proposal from the Internal Revenue Service set to be finalized this year would expand the research and experimentation tax credit by making prototypes that are sold eligible for the credit. Meanwhile, the tax credit actually expired on Dec. 31, but lawmakers are working to reauthorize it retroactively.
Sen. Max Baucus, D-Mont., chairman of the powerful Senate Finance Committee, and one of the key architects of the Affordable Care Act and device tax, says he will serve out his term, but not seek re-election in November 2014.
Republican leaders speaking at the Medical Device Manufacturers Association meeting this month say they are confident that broad-based tax reform can be achieved this year, and that it will be a boon to the device industry.