Bill > S262

This bill aims to eliminate the excise tax on medical device manufacturers that was established by the Health Care and Education Reconciliation Act of 2010, effectively treating the law as if it never existed. To offset the potential loss in government revenue from repealing this tax, the bill also rescinds, or takes back, $39 billion in appropriated but unused discretionary funds, meaning money that was allocated but not yet spent. However, this rescission does not apply to any 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 oversees the executive branch, will be responsible for identifying which specific government accounts will have these funds rescinded and will report this information to both the Secretary of the Treasury and Congress within 60 days of the bill becoming law.