Bill > HR734

This bill repeals the medical device tax, which was an excise tax imposed on the sale of certain medical devices and was originally enacted as part of the Health Care and Education Reconciliation Act of 2010. To offset the revenue loss from repealing this tax, the bill also rescinds (takes back) $39 billion in appropriated but unused discretionary funds, meaning money that Congress had previously allocated but had not yet been spent. However, this rescission does not apply to unused funds belonging to the Department of Defense (DOD) or the Department of Veterans Affairs (VA). The Director of the Office of Management and Budget (OMB), a federal agency that helps the President manage the executive branch, will be responsible for identifying which specific government accounts will have these funds rescinded and will report this information to the Secretary of the Treasury and Congress within 60 days of the bill becoming law.