,i #aacth ,,congress #ast ,session ,h4 ,r4 #abie ,,in ,,the ,,house ,,of ,,representatives ,march #bj1 #bjac ,mr4 ,maffei 7for himself and ,mr4 ,polis7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to repeal the excise tax on medical devices1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,medical ,device ,tax ,elimination ,act4 #b4 ,repeal of medical device excise tax 7a7 ,in general ,chapter #cb of the ,internal ,revenue ,code of #aihf is amended by striking subchapter ,e4 7b7 ,conforming amendments 7#a7 ,subsection 7a7 of section #dbba of such ,code is amended by striking the last sentence4 7#b7 ,paragraph 7#b7 of section #fdaf7;b7 of such ,code is amended by striking the last sentence4 7c7 ,clerical amendment ,the table of subchapters for chapter #cb of such ,code is amended by striking the item relating to subchapter ,e4 7d7 ,effective date ,the amendments made by this section shall apply to sales after the date of the enactment of this ,act4 #c4 ,limitation on section #aii deduction attributable to oil1 natural gas1 or primary products thereof 7a7 ,denial of deduction ,paragraph 7#d7 of section #aii7;c7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subparagraph3 7,e7 ,special rule for certain oil and gas income ,in the case of any taxpayer who is a major integrated oil company 7as defined in section #afg7;h77#e77;,b77 for the taxable year1 the term domestic production gross receipts shall not include gross receipts from the production1 transportation1 or distribution of oil1 natural gas1 or any primary product 7within the meaning of subsection 7d77#i77 thereof4 4 7b7 ,effective date ,the amendment made by this section shall apply to taxable years beginning after ,december #ca1 #bjab4 #d4 ,prohibition on using last-in1 first-out accounting for major integrated oil companies 7a7 ,in general ,section #dgb of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7h7 ,major integrated oil companies ,notwithstanding any other provision of this section1 a major integrated oil company 7as defined in section #afg7;h77#e77;,b77 may not use the method provided in subsection 7b7 in inventorying of any goods4 4 7b7 ,effective date and special rule 7#a7 ,in general ,the amendment made by subsection 7a7 shall apply to taxable years beginning after ,december #ca1 #bjab4 7#b7 ,change in method of accounting ,in the case of any taxpayer required by the amendment made by this section to change its method of accounting for its first taxable year beginning after ,december #ca1 #bjab-- 7,a7 such change shall be treated as initiated by the taxpayer1 7,b7 such change shall be treated as made with the consent of the ,secretary of the ,treasury1 and 7,c7 the net amount of the adjustments required to be taken into account by the taxpayer under section #dha of the ,internal ,revenue ,code of #aihf shall be taken into account ratably over a period 7not greater than #h taxable years7 beginning with such first taxable year4 #e4 ,modifications of foreign tax credit rules applicable to major integrated oil companies which are dual capacity taxpayers 7a7 ,in general ,section #ija of the ,internal ,revenue ,code of #aihf is amended by redesignating subsection 7n7 as subsection 7o7 and by inserting after subsection 7m7 the following new subsection3 7n7 ,special rules relating to major integrated oil companies which are dual capacity taxpayers 7#a7 ,general rule ,notwithstanding any other provision of this chapter1 any amount paid or accrued by a dual capacity taxpayer which is a major integrated oil company 7as defined in section #afg7;h77#e77;,b77 to a foreign country or possession of the ,united ,states for any period shall not be considered a tax-- 7,a7 if1 for such period1 the foreign country or possession does not impose a generally applicable income tax1 or 7,b7 to the extent such amount exceeds the amount 7determined in accordance with regulations7 which-- 7i7 is paid by such dual capacity taxpayer pursuant to the generally applicable income tax imposed by the country or possession1 or 7ii7 would be paid if the generally applicable income tax imposed by the country or possession were applicable to such dual capacity taxpayer4 ,nothing in this paragraph shall be construed to imply the proper treatment of any such amount not in excess of the amount determined under subparagraph 7,b74 7#b7 ,dual capacity taxpayer ,for purposes of this subsection1 the term dual capacity taxpayer means1 with respect to any foreign country or possession of the ,united ,states1 a person who-- 7,a7 is subject to a levy of such country or possession1 and 7,b7 receives 7or will receive7 directly or indirectly a specific economic benefit 7as determined in accordance with regulations7 from such country or possession4 7#c7 ,generally applicable income tax ,for purposes of this subsection-- 7,a7 ,in general ,the term generally applicable income tax means an income tax 7or a series of income taxes7 which is generally imposed under the laws of a foreign country or possession on income derived from the conduct of a trade or business within such country or possession4 7,b7 ,exceptions ,such term shall not include a tax unless it has substantial application1 by its terms and in practice1 to-- 7i7 persons who are not dual capacity taxpayers1 and 7ii7 persons who are citizens or residents of the foreign country or possession4 4 7b7 ,effective date 7#a7 ,in general ,the amendments made by this section shall apply to taxes paid or accrued in taxable years beginning after ,december #ca1 #bjab4 7#b7 ,contrary treaty obligations upheld ,the amendments made by this section shall not apply to the extent contrary to any treaty obligation of the ,united ,states4