House Republicans are set to vote on Erik Paulsen's (R-Minn.) bill to repeal the tax on medical devices following Memorial Day weekend. Paulsen has become one of the medical device industry's strongest proponents in Congress. GOP leaders have decided to move forward with the bill following the holiday weekend, Paulsen told Minnesota Public Radio Tuesday night.
The bill, titled the Protect Medical Innovation Act, was first introduced in April 2010 and had 236 cosponsors from both parties in the House as of last week Friday, more than enough for passage. Medical device makers will be required to pay a 2.3 percent tax on revenue in 2013 contained in President Barack Obama's Patient Protection & Affordable Care Act.
As reported by PostStar.com on May 20, US Rep. Bill Owens (D-Plattsburgh) also agreed to cosponsor legislation to repeal a tax on the medical device industry that is set to take effect next year.
Medical device manufacturers and industry associations are afraid that the medical device tax will cause companies to cut back on research and development and make US plants less competitive with those in other countries, forcing US jobs overseas.