H.R. 7382 · 117th Congress
Supply Chain Disruptions Relief Act
- Stage
- In committee
- Sponsor
- Daniel Kildee
- Introduced
- 2022-04-04
- Latest action
- 2022-04-04 · Introduced in House
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.