Official Summary

6/7/2012--Introduced.Amends the Internal Revenue Code to: (1) repeal the excise tax on medical devices; (2) exclude from the gross receipts of major integrated oil companies (defined as companies with an average daily worldwide production of crude oil of at least 500,000 barrels and gross

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Official Summary

6/7/2012--Introduced.Amends the Internal Revenue Code to:
(1) repeal the excise tax on medical devices;
(2) exclude from the gross receipts of major integrated oil companies (defined as companies with an average daily worldwide production of crude oil of at least 500,000 barrels and gross receipts in excess of $1 billion), for purposes of the tax deduction for income attributable to domestic production activities, receipts from the production, transportation, or distribution of oil, natural gas, or any primary product thereof; and
(3) prohibit the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies.

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