Supply Chain Disruptions Relief Act

Hozzl · 2024-03-13T06:10:25Z

Explore the details of Senate Bill 443 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.

3/13/2024, 6:10 AM

Summary of Bill S 443

The Supply Chain Disruptions Relief Act, also known as Bill 118 s 443, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address the ongoing supply chain disruptions that have been impacting various industries across the country.

The bill aims to provide relief to businesses and consumers who have been negatively affected by these disruptions by implementing several key measures. These measures include providing financial assistance to businesses that have experienced significant losses due to supply chain disruptions, implementing strategies to improve the efficiency and resilience of supply chains, and increasing transparency and communication between stakeholders in the supply chain.

Additionally, the bill seeks to address the root causes of supply chain disruptions by conducting a comprehensive review of the current supply chain infrastructure and identifying areas for improvement. This review will involve input from industry experts, government agencies, and other stakeholders to develop effective solutions to prevent future disruptions. Overall, the Supply Chain Disruptions Relief Act is a comprehensive piece of legislation that aims to provide much-needed support to businesses and consumers impacted by supply chain disruptions. By addressing the root causes of these disruptions and implementing strategies to improve the efficiency and resilience of supply chains, this bill has the potential to have a positive impact on the US economy and ensure the continued smooth operation of supply chains in the future.

Congressional Summary of S 443

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

Formatted Text PDF Formatted XML

Current Status of Bill S 443

Bill S 443 is currently in the status of Bill Introduced since February 15, 2023. Bill S 443 was introduced during Congress 118 and was introduced to the Senate on February 15, 2023. Bill S 443's most recent activity was Read twice and referred to the Committee on Finance. as of February 15, 2023

Bipartisan Support of Bill S 443

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

126

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 443

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 443

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.