- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Ways and MeansIntroducedMarch 20th, 2013
- house Committees
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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.
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).