Congresswoman Susan Brooks, R-District 5, is backing a resolution to eliminate an added tax on developing medical technologies.
The Protect Medical Innovation Act, U.S. House Resolution 523, would repeal a 2.3 percent Medical Device Tax, which took effect this year with the introduction of the Affordable Care Act.
The tax adds an extra 30 percent per year to the federal taxes paid by medical device firms, and “applies whether or not a company is actually profitable,” a release from Brooks said.
“I am proud to join a bi-partisan effort to eliminate a tax that restricts innovation and is harmful to companies employing thousands of Hoosiers,” said resolution co-sponsor Brooks in the release. “The Medical Device Tax will be responsible for layoffs and places an unfair burden on start-up companies trying to show growth and profit. It should be repealed.”
More than 20,000 Hoosiers work for the state’s more than 300 medical device firms. Nationwide, there are more than 8,000 firms employing roughly 400,000 people.
“America is the world’s leading supplier of these life-enhancing and life-saving products,” Brooks said. “The Hoosier State houses some of the worlds most creative and successful medical device companies. We cannot maintain our pole position in a competitive global economy with anti-growth policies.”
Find Baylee Pulliam on Facebook, @BayleeNPulliam on Twitter or call 648-4250.
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Brooks backs eliminating medical device tax
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