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The “Tax Cuts and Jobs Act” – How It Impacts the Healthcare Industry
7 November 2017
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The Tax Cuts and Jobs Act bill released late last week contains several provisions likely to have a particular impact on the healthcare industry.
The bill contemplates changes in the corporate tax rate and international taxation that could affect pharmaceutical and other companies with significant overseas assets or cross-border operations.
The bill repeals the current 50% tax credit for costs of clinical trials of “orphan drugs” for rare conditions and repeals the deduction for certain catastrophic medical expenses.
Contrary to some expectations, the bill does not eliminate the excise tax on medical devices and does not repeal the tax on individuals who do not purchase health insurance (the “individual mandate”), both features of the ACA.
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