HR 1533 114th Congress House Taxation Accounting and auditing Health technology, devices, supplies Income tax credits Income tax deductions Oil and gas Sales and excise taxes Tax administration and collection, taxpayers Taxation of foreign income

Medical Device Tax Elimination Act

Introduced: March 23, 2015 Introduced by: Adams, Alma S. Democratic · North Carolina See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 7, 2015

Referred to the Subcommittee on Health.

Mar 23, 2015

Referred to the House Committee on Ways and Means.

Mar 23, 2015

Introduced in House

Plain-English summary Congressional Research Service

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).

What's happening now April 7, 2015

Referred to the Subcommittee on Health.

Committees of jurisdiction 2