Supply Chain Disruptions Relief Act

11/9/2023, 9:43 PM

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.

Congress
117
Number
S - 4105
Introduced on
2022-04-28
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

12/22/2022
Text
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Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

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.

Alternative Names
Official Title as IntroducedA 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.
Policy Areas
Taxation
Potential Impact
Accounting and auditing•
Administrative law and regulatory procedures•
Department of the Treasury•
Income tax deferral•
Motor vehicles•
Tax administration and collection, taxpayers

Comments

Related

Member:  Rob Portman
Member:  Ben Sasse
Bill Update Alert:  Supply Chain Disruptions Relief Act

Recent Activity

Latest Summary1/10/2023

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 ...

Latest Action12/23/2022
Held at the desk.