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MO SCR29
Concurrent Resolution
Status
Introduced
2/25/2015
Primary Sponsor
Robert Onder
Click for details
AI Summary
- Missouri Senate and House urge the President and Congress to repeal the 2.3% federal excise tax on medical devices that took effect January 1, 2013
- The tax is estimated to generate $29 billion in revenue over its first ten years according to the Joint Committee on Taxation
- The U.S. accounts for 40% of the global medical technology market and exports $5.4 billion more in medical devices than it imports
- Manhattan Institute study projects the tax could result in the loss of up to 43,000 jobs in the medical technology industry and nearly double the industry's total tax bill
- The tax is imposed on sales rather than profits, making it particularly harmful to innovative start-up companies
Legislative Description
Urges the President and Congress to repeal the federal excise tax on medical devices
Last Action
H adopted
5/12/2015
Committee Referrals
Select Committee on Financial Institutions and Taxation4/29/2015
Ways And Means4/13/2015
Rules, Joint Rules, Resolutions & Ethics2/26/2015
Full Bill Text
No bill text available