Weekly Policy Update: CBSA Submits Comment Letter to Senate Finance Committee’s Health Task Force Urging Repeal of the Medical Device Excise Tax
By: Colorado BioScience Association Date: 06/14/2019
Last month, leaders of the Senate Finance Committee announced the formation of several bipartisan task forces to examine 42 temporary tax provisions that expired or will expire between December 31, 2017 and December 31, 2019. This effort includes task forces dedicated to employment and community development; health; energy; cost recovery; individual, excise and other expiring policies. Each task force is working to find solutions that will provide long-term certainty.
Senator Pat Toomey (R-PA) and Senator Bob Casey (D-PA) are leading the efforts of the health task force and have solicited comments and recommendations from the stakeholder community on relevant policies. In response to their request, this week CBSA submitted a comment letter on the importance and urgency of permanently repealing the medical device excise tax.
In addition to outlining the significant drag the tax has had on medical innovation, we stressed that Colorado companies are already making important planning decisions for the next fiscal year, including how to allocate financial and staff resources toward R&D. The longer Congress waits to act, the bigger the impact on job creation and the development of cutting-edge technologies.
The current suspension of the medical device excise tax expires on December 31, 2019.
Read CBSA’s full comment letter here.
If you have questions or want additional information, please contact Emily Roberts, CBSA Vice President.