IRS Outlines Plan for New Medical Device Tax
February 8, 2012
On February 3, 2012, the Internal Revenue Service (IRS) issued a proposed regulation laying out its plan for imposing a 2.3% excise tax on manufacturers and importers of certain medical devices as a provision of the Affordable Care Act. The tax applies to sales of taxable medical devices by the manufacturer or importer of the medical devices after December 31, 2012. The proposed regulation exempts devices that are determined by the Secretary to be the type generally purchased by the general public at retail for individual use, such as eyeglasses, contact lenses, and hearing aids. Comments on the proposed regulation must be submitted by May 7, 2012, to receive consideration. A public hearing is scheduled for May 16, 2012 at 10am.
For further information, please contact a Barnes/Richardson attorney.