Colorado BioScience Association Applauds Suspension of the Medical Device Tax and Reauthorization of CHIP
By: Colorado BioScience Association Date: 01/23/2018
Congress delays medical device tax for two years
Last night, the President signed a continuing resolution (CR) package, which includes a two-year suspension of the device tax retroactive to December 31 and a six-year re-authorization of Children’s Health Insurance Program (CHIP). Colorado BioScience Association applauds Congress and the Colorado Delegation on the passage of the suspension and CHIP. Both have a significant positive impact for patients and our industry, allowing us to deliver value to patients while also creating next-generation treatments and providing access to innovative medical technologies.
The 2.3% medical device excise tax was originally established as part of the Affordable Care Act and a permanent repeal of the tax continues to be a top priority for CBSA and Colorado’s medtech innovators. While we were glad to see this temporary relief, CBSA will continue to advocate for a full repeal of the tax as it will provide long term stability and certainty for our sector, ultimately supporting our companies, the industry, jobs and new innovations for patients.
Thank you to our members who have stepped up to engage your elected officials on this important issue. We will continue to keep you updated on our advocacy efforts. If you are interested in getting engaged, please contact CBSA Vice President Jennifer Jones.
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The CBSA team leads advocacy efforts on behalf of the industry and our members. We work every day to create an innovation-friendly business environment. Our policy activities at the state and federal level focus on proactive and reactive legislation. Our commitment to strong connections with federal, state and local officials fosters a culture that promotes bioscience breakthroughs.
Categories: CBSA News