Congresswoman Susan W. Brooks applauded the introduction of House Resolution 523, the Protect Medical Innovation Act, in the U.S. House of Representatives today. Brooks is an original co-sponsor of the legislation that seeks to repeal a 2.3 percent excise tax on medical innovation.
"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," Brooks said. "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 It should be repealed."
The Medical Device Tax is part of the Affordable Care Act and took effect on January 1 of this year. It adds an additional 30 percent per year to the amount the device industry already pays in federal tax and applies whether or not a company is actually profitable.
"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."
There are over 8,000 medical device firms in the United States and they employ over 400,000 people. In Indiana, more than 300 medical device firms employ over 20,000 individuals.
For more information on the Congresswoman, go to: www.SusanWBrooks.house.gov