Weekly Policy Update: More Medical Device Tax News and the 2018 Farm Bill
By: Colorado BioScience Association Date: 12/14/2018
TheHouse Ways and Means Committee this week released a new extenders package which included a 5-year extension on the medical device excise tax moratorium. The 2.3% levy on the sale of prescribed medical devices was in effect between 2012 and 2014 after it was enacted through the Affordable Care Act in 2010, but the pushback from industry has led to several moratoriums. It received a 2-year delay extension earlier this year as part of a continuing resolution.Under the new relief bill, the 2018 moratorium on the device tax would be extended until 31 December 2024.
You’ll find more information on the House Ways and Means bill here.
CBSA applauds this progress as the further moratorium will give companies greater confidence in long term R&D planning and their business operations. A permanent repeal continues to be a top priority for the Association. CBSA joined 140 other concerned stakeholders in signing a Stakeholder Letter Urging Repeal of Device urging a repeal. The message was addressed to the leaders of the Republican and Democratic parties in the House and Senate.
In other congressional news, both the Senate and House approved an $867 billion 2018 Farm Bill. It moved through with overwhelming bipartisan support. Contained within the bill is financial backing for several bioenergy programs within the Energy Title categories. It now goes to the president’s desk for signature.
Our Colorado state legislature will open the new year with the recently elected officials on January 4. The weekly policy update will take a brief hiatus until the 2019 General Assembly begins.
We hope you all enjoy a wonderful holiday season and the new year brings only the best for you and your loved ones.