H.R.1295 - Medical Device Tax Elimination Act

To amend the Internal Revenue Code of 1986 to repeal the excise tax on medical devices, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to repeal the excise tax on medical devices, and for other purposes. as introduced.
  • Short: Medical Device Tax Elimination Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
03/20/13
 
 
 
 
 
 
 

Official Summary

Medical Device Tax Elimination Act - Amends the Internal Revenue Code to: (1) repeal the excise tax on medical devices; (2) deny major integrated oil companies (companies which have an average daily worldwide annual production of crude oil of at least 500,000 barrels and annual gross receip

Official Summary

Medical Device Tax Elimination Act - Amends the Internal Revenue Code to:
(1) repeal the excise tax on medical devices;
(2) deny major integrated oil companies (companies which 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) the tax deduction for income attributable to oil, natural gas, or primary products thereof;
(3) prohibit the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; and
(4) deny 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).

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