Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2550

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2550
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 Research Institute may affect
    the market for certain pharmaceutical products.

    ●
    established
    the Center for Medicare and Medicaid Innovation within CMS to test innovative payment and service delivery models to lower Medicare
    and Medicaid spending, potentially including prescription drug spending.

While
Congress has not passed comprehensive repeal legislation, several bills affecting the implementation of certain taxes under the ACA have
been signed into law. For example, the Tax Act includes a provision repealing, effective January 1, 2019, the tax-based shared responsibility
payment imposed by the ACA on certain individuals who fail to maintain qualifying health coverage for all or part of a year that is commonly
referred to as the “individual mandate.” Additionally, the 2020 federal spending package permanently eliminated, effective
January 1, 2020, the ACA-mandated “Cadillac” tax on high-cost employer-sponsored health coverage and medical device tax and,
effective January 1, 2021, also eliminated the health insurer tax. Further, the Bipartisan Budget Act of 2018, or the BBA, among other
things, amends the ACA, effective January 1, 2019, to reduce the coverage gap in most Medicare drug plans, commonly referred to as the
“donut hole.” On December 14, 2018, a United States District Court Judge in the Northern District of Texas, or the Texas
District Court Judge, ruled that the individual mandate is a critical and inseverable feature of the ACA, and therefore, because it was
repealed as part of the Tax Act, the remaining provisions of the ACA are invalid as well. Additionally, on December 18, 2019, the United
States Court of Appeals for the 5th Circuit upheld the District Court ruling that the individual mandate was unconstitutional and remanded
the case back to the District Court to determine whether the remaining provisions of the ACA are invalid as well. The case was argued
in the United States Supreme Court on November 10, 2020. On February 10, 2021, the Biden administration informed the Supreme Court that
the government had withdrawn its support of a nationwide repeal of the ACA. On June 17, 2021, the Supreme Court held that states did
not have standing to challenge the ACA and that the individual plaintiffs could not show sufficient injury to have standing, therefore
avoiding having to make a substantive determination on the constitutionality of the law. While the litigation was pending, on January