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The New Jersey Life Sciences Vendors Alliance (NJLSVA) is a coalition of businesses, individuals and academia who provide goods and services to New Jersey’s life sciences companies.

The NJLSVA was founded to educate suppliers on trends in industry procurement and public policy that affects the life sciences industry.

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Choose New Jersey’s RFP Watch provides up-to-date information on business opportunities throughout the Garden State at a cost that is affordable for all companies – with a place of business in New Jersey – large and small.

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Congress Likely to Permanently Repeal Medical Device Tax Under President Trump

medical-device-tax-23Washington, DC, December 12, 2016 — Reuters reports that when Donald Trump takes over as president on January 20, one of the first business tax breaks he delivers is likely to go to the U.S. medical device industry.

Trump and U.S. lawmakers are likely to repeal the tax permanently, according to lawmakers, lobbyists and industry executives.

Tax cuts are Republican gospel, and Trump’s new Republican administration is widely expected to make them happen.

The medical device tax may be one of the first on the chopping block.  It was first imposed in January 2013 as a funding mechanism for the Affordable Care Act, dubbed Obamacare, a law that has brought medical coverage to millions of previously uninsured Americans.

But Republicans hate Obamacare and this particular tax has powerful enemies in both parties.

Senate Republican Leader Mitch McConnell said repealing the Affordable Care Act, dubbed Obamacare, will be the first order of business in the Senate when it convenes in January.

Immediately after Trump’s election victory, industry lobbying group AdvaMed wrote to him and Vice President-elect Mike Pence, Indiana’s governor, asking for permanent repeal of the tax.

In the letter, AdvaMed President Scott Whitaker wrote, “The medical device tax has been a significant drag on medical innovation, and resulted in the loss or deferred creation of jobs, reduced research spending, and slowed capital expansion.”

Industry complaints like these led Congress last year to temporarily suspend the 2.3 percent excise tax on the sale of non-retail medical devices, such as pacemakers, heart valves and artificial hips. It had been in effect for only three years.

For the full Reuters story, click here.