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Medical Device Excise Tax Repeal
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Virginia Bio supports H.R. 160, the Protect Medical Innovation Act, which would permanently repeal the medical device excise tax.

PThe unnecessary device excise tax - which levies a 3.5% tax on revenues, not profits- stifles innovation by increasing the tax burden of biotech companies - even those in growth mode and making no profit - and requiring them to shift dollars from R&D, workforce development, technology, etc. It is universally regarded as horrible public policy, but deemed a necessity by its remaining supporters to piece together the coalition for the ACA several years ago. Its destructive effect on the US medical device industry far outweighs the benefits.

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