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Medical Device Tax CreditOn July 8, Massachusetts Governor Mitt Romney signed legislation into law that establishes a state tax credit for payment of medical device user fees to the FDA. This legislation was originally developed and proposed by MassMEDIC and was passed by the legislature as part of an economic stimulus bill approved last month.
The newly-enacted law will grant Massachusetts medical device manufacturers a 100% tax credit for user fee payments associated with 510(k) or PMA products developed or manufactured in this state. The law also allows companies that cannot use the tax credit, due to lack of revenue, to sell their credits to third parties. This provision was designed to assist early-stage companies that are introducing their first product to market.
The medical device user fee payment tax credit, the first of its kind in the country, will take effect immediately and will be administered by the Massachusetts Department of Revenue (DOR). For further information on this subject, please contact Feeley & Driscoll.
Click here to view the economic stimulus bill and read the new law in its entirety.
To contact Feeley & Driscoll, please click here or call us at 1 (800) 392-6192. |
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