Bill > HR1295

This bill, titled the Medical Device Tax Elimination Act, aims to repeal the excise tax on medical devices by amending the Internal Revenue Code of 1986. The bill also includes provisions that limit certain deductions for major integrated oil companies, prohibit them from using the Last-In, First-Out (LIFO) accounting method for inventory, and modify foreign tax credit rules for these companies when they are considered "dual capacity taxpayers," meaning they pay taxes to a foreign country and also receive economic benefits from it. These changes related to oil companies are effective for taxable years beginning after December 31, 2012, with specific rules for accounting method changes and treaty obligations.