Supply Chain Disruptions Relief Act

Senate Bill 4105 - Supply Chain Disruptions Relief Act: Overview, Status, and Impact

Hozzl · 2023-11-09T21:43:47Z

Explore the details of Senate Bill 4105 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.

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.

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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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 4105

Primary Policy Focus

Taxation

Potential 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

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.