Tax Reform, Device Tax Get More Attention On The Hill
This article was originally published in The Gray Sheet
Comprehensive tax reform is a top priority of House Republicans this year, Ways and Means Chairman Dave Camp, R-Mich., said last week, providing a potential vehicle for device tax repeal. And the device tax received attention at a Democratic-controlled Senate Budget Hearing last week.
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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.
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.
FDA does not plan to furlough employees as a result of the across-the-board cuts to federal agencies that took effect March 1, but the shortfall will limit some “activities that have already been specifically designated and paid for with user fees.” The administration also took a step to convince Congress to give FDA full access to its user fees.