A bill to repeal the medical device excise tax, and for other purposes.
No Taxation on Device Innovation Act
This bill amends the Internal Revenue Code to repeal the excise tax on medical devices. The bill also prohibits: (1) major integrated oil companies from using the last-in, first-out (LIFO) accounting method; and (2) the issuance of new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act to any person who does not renegotiate certain existing leases to require royalty payments if the price of oil and natural gas is greater than or equal to specified price thresholds.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 528.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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