Bill > S844

This bill repeals the medical device excise tax, which was a tax imposed on the sale of certain medical devices, and makes other changes related to accounting methods and oil and gas leases. Specifically, it eliminates the medical device excise tax by striking the relevant section from the Internal Revenue Code of 1986, with the repeal applying to sales after December 31, 2014. Additionally, the bill prohibits "major integrated oil companies," which are large oil companies with significant refining and marketing operations, from using the "last-in, first-out" (LIFO) accounting method for inventory, requiring them to switch to a different method for taxable years beginning after December 31, 2014. Finally, the bill addresses leases for oil and natural gas production in the Gulf of Mexico, requiring companies that hold or benefit from certain existing leases, referred to as "covered leases," to renegotiate their terms to include price thresholds for royalty payments before they can be issued new leases or transfer existing ones, and it also allows for the amendment of certain older leases to incorporate these price thresholds.