The House today voted to approve the Protect Medical Innovation Act—legislation that would repeal the 2.3% tax on medical devices imposed by the Affordable Care Act. The repeal would be effective for sales in calendar quarters beginning after the date of enactment (i.e., the legislation would be prospective).
The legislation is: H.R. 160 [PDF 254 KB]
The Joint Committee on Taxation has estimated that the legislation would lose approximately $24.4 billion in revenue over a 10-year period. Read the JCT revenue estimate.
The legislation does not include any provisions to offset the cost of repealing the medical device excise tax.
The Senate has not yet scheduled action on similar medical device excise tax repeal legislation.
The White House has issued a Statement of Administration Policy (SAP) [PDF 290 KB] stating that, if the president were presented with H.R. 160, his senior advisors would recommend that he veto the bill. The SAP states that H.R. 160 “would increase the deficit to finance a permanent and costly tax break for the industry without improving the health system or helping middle-class Americans.”
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