Mass. Legislature Authorizes Panel to Study Impact of Medical Device Tax & Proposes Mitigating Policies
The Massachusetts State Legislature has completed its work on the Commonwealth’s FY’15 operating budget. Included in the final budget document is language that would establish a panel to study possible tax credits or incentives for the Massachusetts medical device industry to offset the negative impact of the federal medical device excise tax.
The original amendments to the budget were introduced by Rep. Kevin Kuros (R-Uxbridge) and Sen. Bruce Tarr (R-Gloucester). MassMEDIC proposed language relative to the final composition of the Board, much of which was approved by the Budget Conference Committee.
The panel will be chaired by an executive from the Massachusetts Department of Revenue and will be comprised of representatives from MassMEDIC, the State Legislature, UMass, the Associated Industries of Massachusetts and the Massachusetts Medical Society.
The panel will need to develop recommendations and submit these by the end of the calendar year. MassMEDIC will solicit input from its members for consideration by members of the commission throughout this process to assure that a truly impactful policy is developed.
The Governor has until July 11th to sign the budget and to make line-item vetos.