President Barack Obama last week signed into law an omnibus tax and spending bill that pauses the medical device tax for 2 years, hours after the U.S. Senate approved the $1.8 trillion measure on a 65-33 vote.
The 2-year pause on the medical device tax, a 2.3% levy on all U.S. sales of medical devices, is estimated to cost $3.4 billion, according to the Joint Committee on Taxation.
“I’m not wild about everything in it,” Obama said during press conference Dec. 18. “I’m sure that’s true for everybody. But it is a budget that, as I insisted, invests in our military and our middle class without ideological provisions that would have weakened Wall Street reform or rules on big polluters.”
The law also enshrines a research & development tax credit worth$113 billion over 10 years.