HR 5906
112th Congress
House
Taxation
Accounting and auditing
Health technology, devices, supplies
Income tax deductions
Oil and gas
Sales and excise taxes
To amend the Internal Revenue Code of 1986 to repeal the excise tax on medical devices.
Introduced: June 7, 2012
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 7, 2012
Referred to the House Committee on Ways and Means.
Jun 7, 2012
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1