In December 2019, President Trump signed into law the repeal of the Medical Device Excise Tax, which was included in the omnibus spending bills for fiscal year 2020.
Long sought by the industry, the repeal was initially passed by the US House of Representatives and the US Senate in December 2019. This change helps alleviate uncertainty related to investment and innovation in medical device companies.
The medical device tax was enacted as part of the Patient Protection and Affordable Care Act. It was originally effective in January 2013, but the US Congress passed temporary measures suspending the tax for 2016 and 2017, and then again for 2018 and 2019.
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To learn more about the Medical Device Excise Tax or what the repeal means for you or your company, contact your Moss Adams professional.