,,ii #aaeth ,,congress #b;d ,session ,s4 #bbhg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #aj1 #bjah,mr4 ,markey 7for himself and ,ms4 ,warren7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to repeal the medical device excise tax1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,no ,taxation on ,device ,innovation ,act4 #b4 ,repeal of the 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 related to subchapter ,e4 7d7 ,effective date ,the amendments made by this section shall apply to sales after ,december #ca1 #bjag4 #c4 ,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 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 #bjag4 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 the date of the enactment of this ,act-- 7,a7 such change shall be treated as initiated by the taxpayer2 7,b7 such change shall be treated as made with the consent of the ,secretary of the ,treasury2 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 #d4 ,eligibility for new leases and the transfer of leases 7a7 ,definitions ,in this section3 7#a7 ,covered lease ,the term covered lease means a lease for oil or gas production in the ,gulf of ,mexico that is-- 7,a7 in existence on the date of enactment of this ,act2 7,b7 issued by the ,department of the ,interior under section #cjd of the ,outer ,continental ,shelf ,deep ,water ,royalty ,relief ,act 7#dc ,u4,s4,c4 #accg note2 ,public ,law #ajd-eh72 and 7,c7 not subject to limitations on royalty relief based on market price that are equal to or less than the price thresholds described in clauses 7v7 through 7vii7 of section #h7;a77#c77;,c7 of the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #accg7;a77#c77;,c774 7#b7 ,lessee ,the term lessee includes any person or other entity that controls1 is controlled by1 or is in or under common control with1 a lessee4 7#c7 ,secretary ,the term ,secretary means the ,secretary of the ,interior4 7b7 ,issuance of new leases 7#a7 ,in general ,the ,secretary shall not issue any new lease that authorizes the production of oil or natural gas under the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #acca et seq47 to a person described in paragraph 7#b7 unless the person has renegotiated each covered lease with respect to which the person is a lessee to modify the payment responsibilities of the person to require the payment of royalties if the price of oil and natural gas is greater than or equal to the price thresholds described in clauses 7v7 through 7vii7 of section #h7;a77#c77;,c7 of the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #accg7;a77#c77;,c774 7#b7 ,persons described ,a person referred to in paragraph 7#a7 is a person that-- 7,a7 is a lessee that-- 7i7 holds a covered lease on the date on which the ,secretary considers the issuance of the new lease2 or 7ii7 was issued a covered lease before the date of enactment of this ,act1 but transferred the covered lease to another person or entity 7including a subsidiary or affiliate of the lessee7 after the date of enactment of this ,act2 or 7,b7 any other person that has any direct or indirect interest in1 or that derives any benefit from1 a covered lease4 7#c7 ,multiple lessees 7,a7 ,in general ,for purposes of paragraph 7#a71 if there are multiple lessees that own a share of a covered lease1 the ,secretary may implement separate agreements with any lessee with a share of the covered lease that modifies the payment responsibilities with respect to the share of the lessee to include price thresholds that are equal to or less than the price thresholds described in clauses 7v7 through 7vii7 of section #h7;a77#c77;,c7 of the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #accg7;a77#c77;,c774 7,b7 ,treatment of share as covered lease ,beginning on the effective date of an agreement under subparagraph 7,a71 any share subject to the agreement shall not constitute a covered lease with respect to any lessees that entered into the agreement4 7c7 ,transfers ,a lessee or any other person who has any direct or indirect interest in1 or who derives a benefit from1 a lease shall not be eligible to obtain by sale or other transfer 7including through a swap1 spinoff1 servicing1 or other agreement7 any covered lease1 the economic benefit of any covered lease1 or any other lease for the production of oil or natural gas in the ,gulf of ,mexico under the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #acca et seq471 unless the lessee or other person has-- 7#a7 renegotiated each covered lease with respect to which the lessee or person is a lessee1 to modify the payment responsibilities of the lessee or person to include price thresholds that are equal to or less than the price thresholds described in clauses 7v7 through 7vii7 of section #h7;a77#c77;,c7 of the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #accg7;a77#c77;,c772 or 7#b7 entered into an agreement with the ,secretary to modify the terms of all covered leases of the lessee or other person to include limitations on royalty relief based on market prices that are equal to or less than the price thresholds described in clauses 7v7 through 7vii7 of section #h7;a77#c77;,c7 of the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #accg7;a77#c77;,c774 7d7 ,price thresholds for royalty suspension provisions 7#a7 ,in general ,the ,secretary shall agree to a request by any lessee to amend any lease issued for any ,central and ,western ,gulf of ,mexico tract during the period of ,january #a1 #aiif1 through ,november #bh1 #bjjj1 to incorporate price thresholds applicable to royalty suspension provisions1 that are equal to or less than the price thresholds described in clauses 7v7 through 7vii7 of section #h7;a77#c77;,c7 of the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #accg7;a77#c77;,c774 7#b7 ,requirement 7,a7 ,in general ,a lease amended under paragraph 7#a7 shall impose the new or revised price thresholds effective ,january #a1 #bjah4 7,b7 ,existing lease provisions ,existing lease provisions for a lease amended under paragraph 7#a7 shall prevail through ,december #ca1 #bjag4