What is the status on the Hill in connection to "The Protect Medical Innovation Act of 2015"?
Tax Professional Answers
PMIA was introduced by Republican Erik Paulsen, R-Minn., a member of the tax-writing House Ways and Means Committee. PMIA aims to repeal the 2.3 percent excise tax on medical devices, such as pacemakers and operating-room monitors. The legislation now heads to the Senate floor for deliberations where repealing the medical device tax also has bipartisan support. Republican Erik Paulsen indicated in a statement “as a country, we take great pride in our ability to create, invent, and innovate—especially when it comes to products that improve people’s lives. The medical device tax stands in direct contrast to this ideal, which is why you’ve seen Members of Congress from across the political spectrum support its repeal. It’s time to push this legislation across the finish line and support American jobs and innovation.”
The House Ways and Means Chairman Paul Ryan, R-Wis., in a statement after the bill was passed indicated “taxing medical devices not only stifles innovation and threatens American jobs, but drives up health care costs and makes treatments less accessible for those who need them most. By repealing this tax, American medical innovation can refocus on encouraging discovery and finding solutions for the health challenges—and emergencies—so many Americans face. I applaud Republican Paulsen for his work on this legislation, and I’m proud to support it.”
As a caveat, both the House of Representatives and the Senate must still agree on a unified bill to send to the President’s desk for signature into law.
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