This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Medical Device Manufacturing Coalition Applauds Passage Of Medical Device Tax Repeal Amendment









Vote Underscores Bipartisan Support for Device Tax Repeal Efforts



WASHINGTON, March 21, 2013 /PRNewswire-USNewswire/ -- The Medical Imaging & Technology Alliance (MITA), Advanced Medical Technology Association (AdvaMed) and the Medical Device Manufacturers Association (MDMA) today applauded the adoption of an amendment to the Fiscal Year 2014 Senate Budget Resolution that expresses support for repeal of the medical device tax. The amendment passed with 79 votes.

"Momentum is clearly growing in Congress to repeal the medical device tax as Senators continue to hear from their constituents that the impact is real -- the tax is slowing economic growth and costing thousands of jobs," said Gail Rodriguez, Executive Director of MITA. "MITA encourages Congress to prevent further job loss and protect essential research and development by promptly repealing this harmful tax."

"Bipartisan majorities in both the House and Senate have now voted to repeal the device tax. The reasons behind mounting support to repeal the tax are clear: Across the country, this tax is cutting high-quality jobs and investments in tomorrow's treatments and cures at companies large and small. We encourage leaders in Congress and the Administration to seize on this momentum and act to repeal this harmful tax," said Stephen J. Ubl, President and CEO of AdvaMed.

"Today's overwhelming support of the amendment shows that clear majorities in the Senate and the House of Representatives recognize that the medical device tax needs to be repealed so that America's medical technology community can spur growth and create the great jobs that come along with it," said Mark Leahey, President and CEO of MDMA. "Every day innovators in this dynamic industry are looking at how to improve the quality of life for patients, and the medical device tax is standing in the way of progress and threatening America's leadership position.  While we have more work to do, MDMA applauds this important step towards ensuring that the United States remains the global leader in medical technology innovation."

The bipartisan amendment was introduced by Senators Orrin Hatch (R-UT) and Amy Klobuchar (D-MN), with co-sponsorship from twenty-one Senators, including Al Franken (D-MN), Pat Toomey (R-PA),  Lamar Alexander (R-TN), Kelly Ayotte (R-NH), Richard Burr (R-NC), Robert Casey (D-PA), Dan Coats (R-IN), John Cornyn (R-TX), William Cowan (D-MA), Joe Donnelly (D-IN), Mike Enzi (R-WY), Jeff Flake (R-AZ), Chuck Grassley (R-IA), Kay Hagan (D-NC), John Hoeven (R-ND), Johnny Isakson (R-GA), Mike Lee (R-UT), Lisa Murkowski (R-AK), Jerry Moran (R-KS), Rob Portman (R-OH), James Risch (R-ID), Jeanne Shaheen (D-NH), John Thune (R-SD), Elizabeth Warren (D-MA), Sheldon Whitehouse (D-RI) and Roger Wicker (R-MS).

The American medical technology industry is responsible for and supports nearly two million jobs, creating a growing trade surplus, and developing the technology essential to advancing patient care in the United States and around the world. However, with the implementation of the medical device tax, manufacturers have paid an estimated $388,000,000 to the Internal Revenue Service (IRS) so far this year, reallocating funds that could otherwise be directed towards investment in job creation and research and development.

This legislative effort is the most recent since February 2013, when Senators Hatch and Klobuchar introduced the "Medical Device Access and Innovation Protection Act," which included bipartisan co-sponsorship for the first time.

SOURCE AdvaMed; MITA; MDMA

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs