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Supply Chain Disruptions Relief Act
11/9/2023, 9:43 PM
Congressional Summary of S 4105
Supply Chain Disruptions Relief Act
This bill modifies the treatment of liquidations of new motor vehicle inventory as qualified LIFO (last in first out accounting method) inventory. It allows new motor vehicle dealers to elect to wait until the end of 2025 to replace their inventory for purposes of determining income attributable to the sale of such inventory during 2020 and 2021.
Read the Full Bill
Current Status of Bill S 4105
Bill S 4105 is currently in the status of Bill Introduced since April 28, 2022. Bill S 4105 was introduced during Congress 117 and was introduced to the Senate on April 28, 2022. Bill S 4105's most recent activity was Held at the desk. as of December 23, 2022
Bipartisan Support of Bill S 4105
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
59Democrat Cosponsors
23Republican Cosponsors
35Unaffiliated Cosponsors
1Policy Area and Potential Impact of Bill S 4105
Primary Policy Focus
TaxationPotential Impact Areas
- Accounting and auditing
- Administrative law and regulatory procedures
- Department of the Treasury
- Income tax deferral
- Motor vehicles
- Tax administration and collection, taxpayers
Alternate Title(s) of Bill S 4105
Supply Chain Disruptions Relief Act
Supply Chain Disruptions Relief Act
Supply Chain Disruptions Relief Act
A bill to treat certain liquidations of new motor vehicle inventory as qualified liquidations of LIFO inventory for purposes of the Internal Revenue Code of 1986.
Comments
Sponsors and Cosponsors of S 4105
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