On February 3, 2012, the IRS and Treasury issued a Notice of Proposed Rulemaking and Notice of Public Hearing ("NPRM") concerning Taxable Medical Devices pursuant to the new I.R.C. § 4191 federal manufacturers excise tax on medical devices. The NPRM sets forth proposed rules on a number of issues which were raised by comments made in response to Notice 2010-89, 2010-52 I.R.B 908. Comments on the proposed rules must be submitted within 90 days of publication of the NPRM in the Federal Register, on or about May 7, 2012. A public hearing is scheduled for May 16, 2012, at 10:00 AM eastern time. Outlines of topics to be discussed at the public hearing must be submitted within 90 days of publication of the NPRM in the Federal Register.
This Medtech focus piece is a supplement to the Medical Device Tax Alert issued on 3 February 2012 and includes detailed analysis and insights into the regulations.