summary
Introduced
01/10/2018
01/10/2018
In Committee
01/10/2018
01/10/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
No Taxation on Device Innovation Act This bill amends the Internal Revenue Code to repeal the excise tax on medical devices. The bill also prohibits: (1) major integrated oil companies from using the last-in, first-out (LIFO) accounting method; and (2) the issuance of new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act to any person who does not renegotiate certain existing leases to require royalty payments if the price of oil and natural gas is greater than or equal to specified price thresholds.
AI Summary
This bill proposes to repeal the excise tax on medical devices, prohibit major integrated oil companies from using the last-in, first-out (LIFO) accounting method, and require certain companies with existing oil or natural gas production leases in the Gulf of Mexico to renegotiate those leases to include price thresholds for royalty payments before being eligible for new leases.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 01/10/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/2287/all-info |
| BillText | https://www.congress.gov/115/bills/s2287/BILLS-115s2287is.pdf |
| Bill | https://www.congress.gov/115/bills/s2287/BILLS-115s2287is.pdf.pdf |
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