The House Ways and Means Subcommittee on Oversight held hearings on the impact of the I.R.C. § 4191 Medical Device Excise Tax on medical device manufacturers. The excise is 2.3% of the sales price of certain medical devices listed with the F.D$97,000,000 according to industry sources. Industry representatives testified about the impact the tax is having, particularly the potential for layoffs and decreased investment in research and development. Tax advisors have responded to these pressures by offering manufacturers compliance assistance and consulting on ways to limit the impact of the tax.
For more information contact alliantgroup here.