Washington, D.C. – The Medical Imaging & Technology Alliance (MITA) commends a bipartisan group of freshman Members of Congress, under the leadership of Congresswoman Elise Stefanik (R-NY), for their efforts to repeal the medical device tax. Today, the group submitted a letter signed by 44 Members to House Speaker Paul Ryan (R-WI) requesting legislative action on device tax repeal before the end of the 2015 calendar year.

“We appreciate the proactive efforts of Congresswoman Stefanik and this bipartisan group to push for the timely repeal of a tax that is depleting valuable resources from one of America’s most innovative industries,” said Patrick Hope, MITA’s Executive Director. “In addition to its impact on jobs and the economy nationwide, the medical device tax has forced many device manufacturers to cut R&D budgets, which inhibits the development and introduction of new, life-saving medical technologies for patients in need.”

Under the 2.3 percent excise tax, medical device manufacturers are required to pay the Internal Revenue Service (IRS) an estimated average of $194 million per month in medical device tax payments. In a competitive global economy, this tax threatens an innovative industry that directly employs 400,000 Americans, generates approximately $25 billion in payroll, and invests nearly $10 billion in research and development annually. The industry is fueled by innovative companies, the majority of which are small businesses, with 80 percent of companies having fewer than 50 employees.

The Medical Imaging & Technology Alliance (MITA), a division of NEMA, is the collective voice of medical imaging equipment, radiation therapy and radiopharmaceutical manufacturers, innovators and product developers. It represents companies whose sales comprise more than 90 percent of the global market for medical imaging technology. For more information, visit www.medicalimaging.org. Follow MITA on Twitter @MITAToday.