,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #abie  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #bj1 #bjac ,mr4  
,maffei 7= himself & ,mr4 ,polis7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to repeal ! excise tax on 
m$ical devices1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,m$ical ,device ,tax ,elim9ation ,act4  
#b4 ,repeal ( m$ical device excise tax  
7a7 ,9 g5]al ,*apt] #cb ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
sub*apt] ,e4  7b7 ,con=m+ am5dm5ts  7#a7
 ,subsection 7a7 ( section #dbba ( su*  
,code is am5d$ by /rik+ ! la/ s5t5ce4   
7#b7 ,p>agraph 7#b7 ( section #fdaf7;b7 
( su* ,code is am5d$ by /rik+ ! la/     
s5t5ce4  7c7 ,cl]ical am5dm5t ,! table (
 sub*apt]s = *apt] #cb ( su* ,code is   
am5d$ by /rik+ ! item relat+ to sub*apt]
 ,e4  7d7 ,effective date ,! am5dm5ts   
made by ?is section %all apply to sales 
aft] ! date ( ! enactm5t ( ?is ,act4    

#c4 ,limitation on section #aii d$uction
 attributable to oil1 natural gas1 or   
prim>y products !re(  7a7 ,d5ial (      
d$uction ,p>agraph 7#d7 ( section       
#aii7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new subp>agraph3  7,e7 ,special rule = 
c]ta9 oil & gas income ,9 ! case ( any  
taxpay] :o is a major integrat$ oil     
company 7z def9$ 9 section              
#afg7;h77#e77;,b77 = ! taxable ye>1 !   
t]m dome/ic production gross receipts   
%all n include gross receipts f !       
production1 transportation1 or          
di/ribution ( oil1 natural gas1 or any  
prim>y product 7)9 ! mean+ ( subsection 
7d77#i77 !re(4  4  7b7 ,effective date  
,! am5dm5t made by ?is section %all     
apply to taxable ye>s beg9n+ aft]       
,decemb] #ca1 #bjab4  #d4 ,prohibition  
on us+ la/-91 fir/-out acc\nt+ = major  
integrat$ oil companies  7a7 ,9 g5]al   
,section #dgb ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by add+ at ! end !    
foll[+ new subsection3  7h7 ,major      

integrat$ oil companies ,not)/&+ any o!r
 provision ( ?is section1 a major       
integrat$ oil company 7z def9$ 9 section
 #afg7;h77#e77;,b77 may n use ! me?od   
provid$ 9 subsection 7b7 9 inv5tory+ (  
any goods4  4  7b7 ,effective date &    
special rule  7#a7 ,9 g5]al ,! am5dm5t  
made by subsection 7a7 %all apply to    
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjab4  7#b7 ,*ange 9 me?od ( acc\nt+ ,9
 ! case ( any taxpay] requir$ by !      
am5dm5t made by ?is section to *ange its
 me?od ( acc\nt+ = its fir/ taxable ye> 
beg9n+ aft] ,decemb] #ca1 #bjab--  7,a7 
su* *ange %all be treat$ z initiat$ by !
 taxpay]1  7,b7 su* *ange %all be treat$
 z made ) ! cons5t ( ! ,secret>y ( !    
,treasury1 &  7,c7 ! net am\nt ( !      
adju/m5ts requir$ to be tak5 into acc\nt
 by ! taxpay] "u section #dha ( !       
,int]nal ,rev5ue ,code ( #aihf %all be  
tak5 into acc\nt ratably ov] a p]iod 7n 
great] ?an #h taxable ye>s7 beg9n+ ) su*
 fir/ taxable ye>4  #e4 ,modifications (
 =eign tax cr$it rules applicable to    

major integrat$ oil companies :i* are   
dual capacity taxpay]s  7a7 ,9 g5]al    
,section #ija ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by r$esignat+         
subsection 7n7 z subsection 7o7 & by    
ins]t+ aft] subsection 7m7 ! foll[+ new 
subsection3  7n7 ,special rules relat+  
to major integrat$ oil companies :i* are
 dual capacity taxpay]s  7#a7 ,g5]al    
rule ,not)/&+ any o!r provision ( ?is   
*apt]1 any am\nt paid or accru$ by a    
dual capacity taxpay] :i* is a major    
integrat$ oil company 7z def9$ 9 section
 #afg7;h77#e77;,b77 to a =eign c\ntry or
 possession ( ! ,unit$ ,/ates = any     
p]iod %all n be consid]$ a tax--  7,a7  
if1 = su* p]iod1 ! =eign c\ntry or      
possession does n impose a g5]ally      
applicable income tax1 or  7,b7 to !    
ext5t su* am\nt exce$s ! am\nt 7det]m9$ 
9 accordance ) regulations7 :i*--  7i7  
is paid by su* dual capacity taxpay]    
pursuant to ! g5]ally applicable income 
tax impos$ by ! c\ntry or possession1 or
  7ii7 w\ld be paid if ! g5]ally        

applicable income tax impos$ by ! c\ntry
 or possession 7 applicable to su* dual 
capacity taxpay]4  ,no?+ 9 ?is p>agraph 
%all be con/ru$ to imply ! prop]        
treatm5t ( any su* am\nt n 9 excess ( ! 
am\nt det]m9$ "u subp>agraph 7,b74  7#b7
 ,dual capacity taxpay] ,= purposes (   
?is subsection1 ! t]m dual capacity     
taxpay] means1 ) respect to any =eign   
c\ntry or possession ( ! ,unit$ ,/ates1 
a p]son :o--  7,a7 is subject to a levy 
( su* c\ntry or possession1 &  7,b7     
receives 7or w receive7 directly or     
indirectly a specific economic b5efit 7z
 det]m9$ 9 accordance ) regulations7 f  
su* c\ntry or possession4  7#c7 ,g5]ally
 applicable income tax ,= purposes ( ?is
 subsection--  7,a7 ,9 g5]al ,! t]m     
g5]ally applicable income tax means an  
income tax 7or a s]ies ( income taxes7  
:i* is g5]ally impos$ "u ! laws ( a     
=eign c\ntry or possession on income    
d]iv$ f ! conduct ( a trade or bus9ess  
)9 su* c\ntry or possession4  7,b7      
,exceptions ,su* t]m %all n include a   

tax unless x has sub/antial application1
 by its t]ms & 9 practice1 to--  7i7    
p]sons :o are n dual capacity taxpay]s1 
&  7ii7 p]sons :o are citiz5s or        
resid5ts ( ! =eign c\ntry or possession4
  4  7b7 ,effective date  7#a7 ,9 g5]al 
,! am5dm5ts made by ?is section %all    
apply to taxes paid or accru$ 9 taxable 
ye>s beg9n+ aft] ,decemb] #ca1 #bjab4   
7#b7 ,contr>y treaty obligations upheld 
,! am5dm5ts made by ?is section %all n  
apply to ! ext5t contr>y to any treaty  
obligation ( ! ,unit$ ,/ates4