AdvaMed: Regardless of IRS regs, medical device tax needs to go
The medical device industry council renews calls to repeal the medical device tax, warning of a coming "innovation cliff" if the levy is allowed to go into effect next month.
The medical device industry is warning Washington, D.C., lawmakers that the medical device tax will push companies off of an "innovation cliff" if it is allowed to go into effect on January 1st.
The call comes as the U.S. Treasury Department released its final guidance on the 2.3% excise tax Wednesday. In its released documents IRS officials rejected many of the suggestions on how to lessen the impact of the tax, despite efforts of made by industry stakeholders during the lengthy public comment period ahead of the final guidance.