summary
Introduced
03/23/2015
03/23/2015
In Committee
04/07/2015
04/07/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
Medical Device Tax Elimination Act This bill amends the Internal Revenue Code to repeal the excise tax on medical devices and offsets the cost of such repeal by: (1) eliminating the tax deduction for income attributable to oil, natural gas, or primary products thereof for major integrated oil companies (companies that have an average daily worldwide annual production of crude oil of at least 500,000 barrels and annual gross receipts in excess of $1 billion); (2) prohibiting the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; and (3) denying the foreign tax credit to major integrated oil companies that are dual taxpayers (companies that receive an economic benefit from a foreign country or a possession of the United States that does not impose a generally applicable income tax).
AI Summary
This bill, titled the Medical Device Tax Elimination Act, proposes to eliminate the excise tax on medical devices. To offset the cost of this repeal, the bill introduces several new provisions targeting major integrated oil companies, which are defined as companies with significant daily oil production and substantial annual gross receipts. Specifically, it will disallow the tax deduction for income derived from oil, natural gas, or their primary products for these companies, prohibit them from using the last-in, first-out (LIFO) accounting method for inventory, and deny them foreign tax credits if they are considered "dual taxpayers" – meaning they receive economic benefits from a foreign country that does not impose a general income tax.
Committee Categories
Budget and Finance, Health and Social Services
Sponsors (11)
Alma Adams (D)*,
Matt Cartwright (D),
Steve Cohen (D),
Elizabeth Esty (D),
Bill Foster (D),
Brian Higgins (D),
Ted Lieu (D),
Zoe Lofgren (D),
Betty McCollum (D),
Jared Polis (D),
Niki Tsongas (D),
Last Action
Referred to the Subcommittee on Health. (on 04/07/2015)
Official Document
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