The U.S. House of Representatives passed a bill to permanently repeal the medical device tax, Lehigh Valley Business reports.
Here's what you should know:
1. The bill is now pending Senate approval.
“It’s really unclear whether or not the Senate will take it up,” said Pennsylvania Life Sciences President and CEO Christopher Molineaux. Pennsylvania Life Sciences is a statewide trade association.
2. The 2.3 percent tax on sales of medical devices made and shipped in the U.S. began Jan. 1, 2013.
3. It was created as part of the Patient Protection and Affordable Care Act of 2010 and intended to help pay for the ACA.
4. The excise tax was suspended once in 2015. Earlier this year, it was suspended for another two years.