3.0.0 1533 2023-01-11T13:28:04Z 2023-01-11T13:28:04Z House HR 2015-03-23 114 [Congressional Record Volume 161, Number 48 (Monday, March 23, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. ADAMS:H.R. 1533.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 3, which gives Congress thepower ``to regulate commerce with foreign nations, and amongthe several states, and with Indian Tribes.''[Page H1849]]]> hswm00 Ways and Means Committee House Standing hswm02 Health Subcommittee Referred to 2015-04-07T21:36:12Z Referred to 2015-03-23T16:02:00Z A bill to repeal the medical device excise tax, and for other purposes. 114 844 S 2015-03-24 Read twice and referred to the Committee on Finance. Related bill CRS Close Big Oil Tax Loopholes Act 114 1907 S 2015-07-30 Read twice and referred to the Committee on Finance. Related bill CRS American Energy Innovation Act 114 2089 S 2015-09-29 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 241. Related bill CRS 2015-04-07 hswm02 Health Subcommittee 1 House committee actions Referred to the Subcommittee on Health. Committee 2015-03-23 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-03-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-03-23 Introduced in House IntroReferral 1000 9 Library of Congress A000370 Rep. Adams, Alma S. [D-NC-12] Alma Adams D NC S. 12 N T000465 Rep. Tsongas, Niki [D-MA-3] Niki Tsongas D MA 3 2015-03-23 True C001090 Rep. Cartwright, Matt [D-PA-17] Matt Cartwright D PA 17 2015-03-23 True H001038 Rep. Higgins, Brian [D-NY-26] Brian Higgins D NY 26 2015-03-23 True P000598 Rep. Polis, Jared [D-CO-2] Jared Polis D CO 2 2015-03-23 True M001143 Rep. McCollum, Betty [D-MN-4] BETTY MCCOLLUM D MN 4 2015-06-09 False C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 2015-06-17 False L000582 Rep. Lieu, Ted [D-CA-33] Ted Lieu D CA 33 2015-06-17 False F000454 Rep. Foster, Bill [D-IL-11] Bill Foster D IL 11 2015-07-07 False L000397 Rep. Lofgren, Zoe [D-CA-19] ZOE LOFGREN D CA 19 2015-07-14 False E000293 Rep. Esty, Elizabeth H. [D-CT-5] Elizabeth Esty D CT H. 5 2015-11-03 False 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 Taxation 00 2015-03-23 Introduced in House 2015-04-13T22:04:30Z 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).

]]> Medical Device Tax Elimination Act Display Title Medical Device Tax Elimination Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to repeal the excise tax on medical devices, and for other purposes. Introduced in House IH Short Titles as Introduced Medical Device Tax Elimination Act Introduced in House 2015-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1533ih/xml/BILLS-114hr1533ih.xml 2015-04-07 Referred to the Subcommittee on Health. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.