The U.S. House of Representatives has voted to repeal the medical device tax, according to a report by The Washington Times.
Here are eight key notes:
1. The repeal of the 2.3 percent excise tax received bipartisan support, with 46 Democrats joining 234 Republicans to vote against the tax.
2. The Patient Protection and Affordable Care Act intended to place the tax on all medical devices, including hospital beds and MRIs.
3. The tax has been criticized as being "burdensome" and detrimental to innovation in the medical device industry.
4. However, the government intended for the tax to help pay for the 16 million additional Americans who now have access to care under the PPACA.
5. The tax would have allowed the government to earn $24 billion over the next decade — an amount that has not been accounted for anywhere else in the budget.
6. The Obama administration has, in the past, threatened to veto the repeal. However, 280 members of the House voted against the tax, which is close to the two-thirds majority the House would need to overcome the veto.
7. The Senate version of the repeal bill has already attracted close to 60 supporters, with five Democrats acting as co-signers.
8. Republicans are looking to use the "budget reconciliation" process to pass the repeal bill in the Senate through a simple-majority vote. But the bill would still face presidential veto.