I 112th CONGRESS 1st Session H. R. 734 IN THE HOUSE OF REPRESENTATIVES February 16, 2011 Mr. Bilbray (for himself, Mr. Calvert, and Mr. Rohrabacher) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Internal Revenue Code of 1986 to repeal the medical device tax, and for other purposes.

1.

Repeal of medical device tax

Subsections (a), (b), and (c) of section 1405 of the Health Care and Education Reconciliation Act of 2010, and the amendments made by such subsections, are hereby repealed, and the Internal Revenue Code of 1986 shall be applied and administered as if such subsections and amendments had never been enacted.

2.

Rescission of unspent federal funds to off set loss in revenues

(a)

In general

Notwithstanding any other provision of law, of all available unobligated funds, $39,000,000,000 in appropriated discretionary funds are hereby rescinded. (b)

Implementation

The Director of the Office of Management and Budget shall determine and identify from which appropriation accounts the rescission under subsection (a) shall apply and the amount of such rescission that shall apply to each such account. Not later than 60 days after the date of the enactment of this Act, the Director of the Office of Management and Budget shall submit a report to the Secretary of the Treasury and Congress of the accounts and amounts determined and identified for rescission under the preceding sentence. (c)

Exception

This section shall not apply to the unobligated funds of the Department of Defense or the Department of Veterans Affairs.