The ACA replacement plan House Republicans released Monday would permanently repeal the medical device tax, reports MinnPost.
Here are four things to know.
1. The medical device tax entails a 2.3 percent excise tax on the sale of certain medical devices, payable by the manufacturer or importer of the device, according to the report. The tax was imposed in 2013 as a funding mechanism for the ACA.
2. The tax faced bipartisan opposition, with devicemakers arguing it would hurt innovation and unfairly burden smaller device manufacturers, according to MinnPost.
3. In 2015, Congress temporarily suspended the tax on the sale of non-retail medical devices like pacemakers, heart valves and artificial hips.
4. The GOP's replacement plan would permanently repeal the tax on Jan. 1, 2018.
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