Medical Device Tax Elimination Act
Latest action · Apr 7, 2015 Referred to the Subcommittee on Health.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 23, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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).
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from Mar 23, 2015 to Nov 3, 2015, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Brian Higgins | Original | Mar 23, 2015 |
| D-CO | Jared Polis | Original | Mar 23, 2015 |
| D-PA | Matt Cartwright | Original | Mar 23, 2015 |
| D-MA | Niki Tsongas | Original | Mar 23, 2015 |
| D-MN | Betty McCollum | Jun 9, 2015 | |
| D-TN | Steve Cohen | Jun 17, 2015 | |
| D-CA | Ted Lieu | Jun 17, 2015 | |
| D-IL | Bill Foster | Jul 7, 2015 | |
| D-CA | Zoe Lofgren | Jul 14, 2015 | |
| D-CT | Elizabeth H. Esty | Nov 3, 2015 |
Actions 3
Everything that happened, newest first.
- Apr 7, 2015Referred to the Subcommittee on Health.
- Mar 23, 2015Introduced in House
- Mar 23, 2015Referred to the House Committee on Ways and Means.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 844 | A bill to repeal the medical device excise tax, and for other purposes. | Related bill | Mar 24, 2015 |
| S 1907 | Close Big Oil Tax Loopholes Act | Related bill | Jul 30, 2015 |
| S 2089 | American Energy Innovation Act | Related bill | Sep 29, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 23, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.