House Democrats float another medical device tax repeal bid

House Democrats float another bid to repeal the medical device tax, mirroring a similar Senate bill that would replace the revenues by closing tax loopholes for the energy industry.

House Democrats last month introduced yet another bill that would do away with the medical device tax enacted as part of Obamacare.

Sponsored by Rep. Alma Adams (D-N.C.), H.R. 1533 or the “Medical Device Tax Elimination Act” mirrors a similar bid in the Upper Chamber put up by Sen. Ed Markey (D-Mass.). Both bills would replace revenues lost by repealing the tax by closing loopholes for the oil & gas industry.

The House bill is co-sponsored by 4 Democrats in addition to Adams: Reps. Matthew Cartwright of Pennsylvania, Brian Higgins of New York, Jared Polis of Colorado and Niki Tsongas of Massachusetts.

Markey’s bill, S. 844 or the “No Taxation on Device Innovation Act,” has no co-sponsors.

The medical device tax was enacted in 2010 as part of the Affordable Care Act. The 2.3% levy on all U.S. sales of prescribed medical devices went into effect at the beginning of 2013 and is forecast to raise between $20 billion and $30 billion over 10 years.