Drug Makers' Fees: IRS Requests Same-Old Paperwork Thoughts
Published Date: 1/23/2025
Notice
Summary
The IRS wants to keep collecting info from companies that make or import branded prescription drugs to keep track of an annual fee. They’re not changing the paperwork but want your thoughts by March 24, 2025. This affects about 45 businesses who spend around 40 hours a year on this, helping the IRS keep things fair and smooth.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Branded Drug Annual Fee Paperwork
The IRS is keeping an existing information collection tied to an annual fee on companies that manufacture or import branded prescription drugs. About 45 businesses are affected; each respondent spends an estimated 40 hours per year (1,800 total annual hours) on this reporting under OMB control number 1545-2209, and the agency says there is no change in the form or paperwork burden. Comments on this collection are due by March 24, 2025.
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