II 112th CONGRESS 1st Session S. 262 IN THE SENATE OF THE UNITED STATES February 3, 2011 Mr. Brown of Massachusetts introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To repeal the excise tax on medical device manufacturers.

1.

Repeal of medical device excise tax

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section 1405 of the Health Care and Education Reconciliation Act of 2010, and the amendments made thereby, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such section and amendments had never been enacted.

2.

Rescission of unspent Federal funds to offset 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provision of law, of all available unobligated funds, $39,000,000,000 in appropriated discretionary funds are hereby rescinded.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.