Earlier today I had an op-ed “Taxing your pacemaker is a bad idea” appear in Crain’s Chicago Business. In this op-ed I talk about the negative impact on innovation and the medtech economy if the 2.3% medical device tax goes into effect in January after a 2 year suspension.
Illinois is home to over 12,000 medtech jobs and this tax will have a big impact on our community. Congress only has a few days to act and fortunately earlier today Reps. Paulsen and Walorski introduced H.R. 4617, which provides for an extension of the device tax suspension through December 31, 2022.
The 5-year suspension is only a first step toward the ultimate goal to fully repeal the medical device tax.
During the current suspension, medtech companies have been able to reinvest millions that otherwise would have been lost to the tax into new jobs, capital improvements and R&D to fuel the next generation of life-changing technologies for patients. We are committed to continuing this reinvestment in innovation if the tax is suspended on a long-term basis going forward