HR 700
118th Congress
House
Taxation
Accounting and auditing
Administrative law and regulatory procedures
Department of the Treasury
Income tax deferral
Motor vehicles
Tax administration and collection, taxpayers
Supply Chain Disruptions Relief Act
Introduced: February 1, 2023
Introduced by:
Arrington, Jodey C.
Republican
· Texas
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 1, 2023
Introduced in House
Feb 1, 2023
Referred to the House Committee on Ways and Means.
Plain-English 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1