A $1.1 trillion spending bill passed by Congress includes a two-year suspension of an excise tax affecting more than 150 medical device manufacturers in the state. Bloomington-based Cook Group Inc. and others have said the 2.3 percent tax has forced them to look overseas for growth opportunities.
Cook Group Chairman Steve Ferguson has previously said that plans to build five new facilities in the United States would remain on hold as long as the tax was in place. The tax went into effect as part of the Affordable Care Act.
The Indiana Medical Device Manufacturers Council is applauding the move, saying it will clear the way for investment in new therapies and better patient care. Indiana’s medical device industry is widely known as one of the strongest in the world.
Senators Joe Donnelly (D-IN) and Dan Coats (R-IN) have both voiced support for a repeal of the tax.
President Obama has indicated that he would sign the bill. He is set to speak at 1:50 this afternoon.