Medical Device Tax News — June 2012:

Ways and Means Committee approves bill that would repeal medical device excise tax

The House Ways and Means Committee yesterday voted 23 to 11 to approve the “Protect Medical Innovation Act” (H.R. 436), a bill to repeal a medical device excise tax scheduled to be effective in 2013 under the 2010 healthcare law. The Ways and Means Committee also approved a bill providing for a $500 taxable cash-out exception from flexible spending account “use-it-or-lose-it” rules (H.R. 1004); a bill repealing a restriction on use of flexible spending accounts to purchase over-the-counter drugs (H.R. 5842); and a bill modifying health savings account rules (H.R. 5858). The full House is expected to vote on the four healthcare-related measures as early as next week.

Ways and Means Committee approves bill that would repeal medical device excise tax - 1 June 2012