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What Do Tires, Gas Guzzlers, Sport Fishing Equipment, and Medical Devices Have in Common?
September 19, 2012
1 Min Read
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The answer to that question: they may be subject to an excise tax.
The IRS recently revised its Form 637 (pdf) to enable medtech companies to register as device tax payers.
Here's some language from the form that lists potentially taxable goods:
....gas guzzler automobiles, sport fishing equipment (including fishing rods and fishing poles), fishing tackle
boxes, bows, quivers, broadheads, points, arrow shafts, taxable tires, taxable medical devices, or vaccines.
Medical device trade group AdvaMed is continuing its efforts to get the 2.3% device tax repealed. The tax is slated to go into effect on January 1, 2013.
More on the Device Tax
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