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Tax Time Cometh: IRS Issues Device Tax Proposed Rule

IRS issued the draft regulation in the lead up to the Jan. 1, 2013, launch date of the 2.3% federal excise tax on most U.S. device sales, enacted in 2010 under the Affordable Care Act. The agency is collecting comments on the proposal through May and will hold a public meeting May 16.

Industry should not be worried about double taxation for combination products or multiple-device kits under the impending medical device tax, the Internal Revenue Service says in a proposed rule issued Feb. 3.

IRS issued the draft regulation in the lead up to the Jan. 1, 2013, launch date of the 2.3% excise tax on most U.S. device sales, enacted in...

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