Supply Chain Disruptions Relief Act

Hozzl · 2023-01-23T20:30:23Z

Explore the details of House Bill 7382 Supply Chain Disruptions Relief Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/23/2023, 8:30 PM

Summary of Bill HR 7382

Bill 117 HR 7382, also known as the Supply Chain Disruptions Relief Act, aims to address the ongoing supply chain disruptions that have been affecting various industries in the United States. The bill was introduced in the House of Representatives and is currently under consideration.

The main purpose of the bill is to provide relief to businesses and consumers who have been impacted by supply chain disruptions, which have been exacerbated by the COVID-19 pandemic. The bill seeks to address these disruptions by implementing various measures to improve the efficiency and resilience of the supply chain.

Some of the key provisions of the bill include: 1. Establishing a task force to identify and address the root causes of supply chain disruptions. 2. Providing financial assistance to businesses that have been adversely affected by supply chain disruptions. 3. Investing in infrastructure improvements to enhance the efficiency of the supply chain. 4. Promoting collaboration between government agencies, industry stakeholders, and other relevant parties to address supply chain challenges. Overall, the Supply Chain Disruptions Relief Act aims to mitigate the impact of supply chain disruptions on businesses and consumers, and to strengthen the resilience of the supply chain in the face of future challenges. The bill is currently being reviewed by Congress, and its ultimate fate will depend on the outcome of the legislative process.

Congressional Summary of HR 7382

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.

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Current Status of Bill HR 7382

Bill HR 7382 is currently in the status of Bill Introduced since April 4, 2022. Bill HR 7382 was introduced during Congress 117 and was introduced to the House on April 4, 2022. Bill HR 7382's most recent activity was Referred to the House Committee on Ways and Means. as of April 4, 2022

Bipartisan Support of Bill HR 7382

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

348

Democrat Cosponsors

156

Republican Cosponsors

192

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7382

Primary Policy Focus

Taxation

Potential Impact Areas

Accounting and auditingAdministrative law and regulatory proceduresDepartment of the TreasuryIncome tax deferralMotor vehiclesTax administration and collection, taxpayers

Alternate Title(s) of Bill HR 7382

Supply Chain Disruptions Relief ActSupply Chain Disruptions Relief ActTo treat certain liquidations of new motor vehicle inventory as qualified liquidations of LIFO inventory for purposes of the Internal Revenue Code of 1986.

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