Manufacturers exceed $1 billion in payments to IRS from medical device tax

Medical device manufacturers recently surpassed $1 billion in payments to the Internal Revenue Service for the medical device excise tax, which went into effect on Jan. 1, according to a joint announcement from the Medical Imaging & Technology Alliance, Advanced Medical Technology Association and Medical Device Manufacturers Association. “The $1 billion threshold is frightening as every dollar spent paying for this medical device tax threatens medical innovation and American jobs,” Gail Rodriguez, executive director of the Medical Imaging & Technology Alliance (MITA), stated in a press release. “MITA is pleased to see bipartisan support for repeal of the tax building in both the House and the Senate, but Congress cannot wait any longer to repeal this burdensome tax and protect jobs and essential R&D funding.”