S. 692 — Introduced in Senate

II 116th CONGRESS 1st Session S. 692 IN THE SENATE OF THE UNITED STATES March 7, 2019Mr. Toomey (for himself, Ms. Klobuchar, Mr. Alexander, Mr. Blumenthal, Mr. Casey, Mr. Crapo, Ms. Duckworth, Mr. Grassley, Ms. Hassan, Mr. Inhofe, Mr. Isakson, Mr. Jones, Ms. McSally, Mr. Portman, Ms. Rosen, Mrs. Shaheen, Ms. Sinema, Ms. Smith, Mr. Tillis, Mr. Young, Mr. Wicker, Mr. Rubio, Mrs. Hyde-Smith, Mrs. Fischer, Mr. Gardner, and Mr. Blunt) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to repeal the excise tax on medical devices. 1. Short title This Act may be cited as the Protect Medical Innovation Act of 2019. 2. Repeal of medical device excise tax (a) In general Chapter 32 of the Internal Revenue Code of 1986 is amended by striking subchapter E. (b) Conforming amendments (1) Subsection (a) of section 4221 of such Code is amended by striking the last sentence. (2) Paragraph (2) of section 6416(b) of such Code is amended by striking the last sentence. (c) Clerical amendment The table of subchapters for chapter 32 of such Code is amended by striking the item relating to subchapter E. (d) Effective date The amendments made by this section shall apply to sales after December 31, 2019.