IN HCR0051

Urges Congress and the President to repeal the 2.3% federal excise tax on medical devices that took effect January 1, 2013

The tax is projected to generate $29 billion in federal revenue over its first ten years and could result in the loss of up to 43,000 jobs nationally in the medical technology industry

Indiana's medical device industry employs more than 26,000 people directly and supports 35,000 additional indirect jobs, driving a $44 billion life sciences cluster

Indiana ranks fifth nationally in medical technology industry employment percentage, with state companies expected to pay at least $77 million annually in excise taxes

Argues the tax harms U.S. global competitiveness, impedes medical innovation, and particularly damages start-up companies since it applies to sales rather than profits