SALT LAKE CITY--(BUSINESS WIRE)--BioUtah and its members today applaud Congress for the passage of the Protecting Americans from Tax Hikes (PATH) Act, which provides tax relief for American families and includes a variety of tax incentives for business investment and innovation, including a two-year suspension of the medical device excise tax.
This action will provide an immediate boost to Utah’s economy. The medical technology industry is a chief driver of Utah’s economic development and continues to provide hope for patients throughout the world. The 2.3 percent excise tax on medical devices was implemented in 2013 as part of the Affordable Care Act. According to BioUtah members, it has been a huge drain on many of Utah’s leading medical innovators, ranging from having to freeze job hiring and cutting R&D, to eliminating support of local philanthropy and even moving some operations overseas.
“BioUtah recognizes this critical relief would not be possible without the great leadership and persistence of Senator Hatch, who led this bipartisan effort in the Senate,” said Kelly Slone, President and CEO of BioUtah.
We look forward to working with our delegation to move forward policies that advance valuable medical innovation and are critical to patients and the health care economy.
