Exclusive: IRS collected $1.4B in medtech excise tax payments in 2013 (MassDevice)
The IRS calculates that medtech companies paid the federal government $1.4 billion in medical device excise taxes in 2013, according to a response to a Freedom of Information Act request by MassDevice.com.
Medical device companies ponied up $1.4 billion in excise tax payments to the federal government in 2013 to pay for Obamacare, according to documents supplied to MassDevice.com by the Internal Revenue Service.
The $1.4 billion in levies paid by medtech companies to the feds last year came during the 1st year of implementation of the 2.3% medical device excise tax, created in 2009 to help pay for the Affordable Care Act. The IRS supplied the total payments made last year in response to a Freedom of Information Act request filed by us on May 14 through our partner Muckrock.com.
Estimates of the impact of the medical device tax have varied wildly since its inception in 2009, and 4 years of political deadlock, which included a federal government shutdown over the issue, have done little to add clarity to the issue. Federal government officials have projected that the tax will raise about $30 billion over 10 years.
Back in July 2013 a report released by a coalition of medical device lobbying groups estimated that the tax had cost the industry $1 billion in bi-monthly installments of roughly $97 million. In March 2012, Moody’s Investor Services said the tax costs could top $650 million for just the medtech companies it covers.
Medical device companies ponied up $1.4 billion in excise tax payments to the federal government in 2013 to pay for Obamacare, according to documents supplied to MassDevice.com by the Internal Revenue Service.
The $1.4 billion in levies paid by medtech companies to the feds last year came during the 1st year of implementation of the 2.3% medical device excise tax, created in 2009 to help pay for the Affordable Care Act. The IRS supplied the total payments made last year in response to a Freedom of Information Act request filed by us on May 14 through our partner Muckrock.com.
Estimates of the impact of the medical device tax have varied wildly since its inception in 2009, and 4 years of political deadlock, which included a federal government shutdown over the issue, have done little to add clarity to the issue. Federal government officials have projected that the tax will raise about $30 billion over 10 years.
Back in July 2013 a report released by a coalition of medical device lobbying groups estimated that the tax had cost the industry $1 billion in bi-monthly installments of roughly $97 million. In March 2012, Moody’s Investor Services said the tax costs could top $650 million for just the medtech companies it covers.