The company praised Minnesota Senators Al Franken (D) and Amy Klobuchar (D) and Rep. Erik Paulsen (R) for leading the bipartisan effort to repeal the tax, which the Patient Protection and Affordable Care Act enacted to raise $30 billion over 10 years. Since its Jan. 1 implementation, the tax has collected $388 million from device company revenues, according to the report.
Medtronic called the tax an obstacle to delivering innovative research and devices as well as creating jobs. The orthopedic device manufacturer expects to pay nearly $175 million per year in excise tax.
The Senate voted 79-20 last week in favor of the repeal, but the action is an amendment tacked onto the Senate Democrats’ budget and must pass the Republican-led House of Representatives, according to the report.
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