summary
Introduced
04/04/2022
04/04/2022
In Committee
04/04/2022
04/04/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
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.
AI Summary
This bill, the Supply Chain Disruptions Relief Act, aims to treat certain liquidations of new motor vehicle inventory as qualified liquidations of LIFO (Last-In, First-Out) inventory for the purposes of the Internal Revenue Code. The key provisions of the bill are:
1. It allows dealers of new motor vehicles who inventory their vehicles under the LIFO method to treat the requirements of section 473(c)(1)(B) and (2) of the Internal Revenue Code as satisfied for any "specified taxable year" (liquidation years ending after March 12, 2020, and before January 1, 2022).
2. It directs the Secretary of the Treasury to issue regulations or guidance allowing such dealers to elect to not recognize any income in the specified taxable year solely attributable to the qualified liquidation, and to treat the replacement period as beginning the first taxable year after the specified taxable year and ending the earlier of the first taxable year the dealer no longer uses the LIFO method or the last taxable year ending before January 1, 2026.
3. It provides rules for situations where the dealer fails to fully replace the liquidated vehicles during the replacement period, requiring the dealer to increase gross income and pay interest.
The bill aims to provide relief to new motor vehicle dealers affected by supply chain disruptions during the COVID-19 pandemic.
Committee Categories
Budget and Finance
Sponsors (175)
Dan Kildee (D)*,
Pete Aguilar (D),
Mark Amodei (R),
Jodey Arrington (R),
Brian Babin (R),
Don Bacon (R),
Troy Balderson (R),
Andy Barr (R),
Joyce Beatty (D),
Don Beyer (D),
Sanford Bishop (D),
Earl Blumenauer (D),
Lisa Blunt Rochester (D),
Suzanne Bonamici (D),
Mike Bost (R),
Brendan Boyle (D),
Anthony Brown (D),
Shontel Brown (D),
Julia Brownley (D),
Ken Buck (R),
Larry Bucshon (R),
Tim Burchett (R),
Salud Carbajal (D),
Mike Carey (R),
André Carson (D),
Buddy Carter (R),
Matt Cartwright (D),
Steve Chabot (R),
Judy Chu (D),
Tom Cole (R),
Gerry Connolly (D),
Jim Cooper (D),
Lou Correa (D),
Jim Costa (D),
Joe Courtney (D),
Angie Craig (D),
Warren Davidson (R),
Danny Davis (D),
Madeleine Dean (D),
Suzan DelBene (D),
Scott DesJarlais (R),
Debbie Dingell (D),
Michael Doyle (D),
Tom Emmer (R),
Veronica Escobar (D),
Ron Estes (R),
Dwight Evans (D),
Pat Fallon (R),
Randy Feenstra (R),
Drew Ferguson (R),
Brad Finstad (R),
Michelle Fischbach (R),
Scott Fitzgerald (R),
Brian Fitzpatrick (R),
Chuck Fleischmann (R),
Mike Flood (R),
Bill Foster (D),
Mike Gallagher (R),
Andrew Garbarino (R),
Bob Gibbs (R),
Carlos Giménez (R),
Jared Golden (D),
Jimmy Gomez (D),
Lance Gooden (R),
Josh Gottheimer (D),
Kay Granger (R),
Mark Green (R),
Morgan Griffith (R),
Glenn Grothman (R),
Michael Guest (R),
Andy Harris (R),
Diana Harshbarger (R),
Vicky Hartzler (R),
Yvette Herrell (R),
Jaime Herrera Beutler (R),
Brian Higgins (D),
Ashley Hinson (R),
Chrissy Houlahan (D),
Bill Huizenga (R),
Christopher Jacobs (R),
Sara Jacobs (D),
Bill Johnson (R),
Eddie Johnson (D),
Jim Jordan (R),
Dave Joyce (R),
John Joyce (R),
Marcy Kaptur (D),
John Katko (R),
Fred Keller (R),
Mike Kelly (R),
Trent Kelly (R),
Derek Kilmer (D),
Andy Kim (D),
Young Kim (R),
Ron Kind (D),
Raja Krishnamoorthi (D),
Ann Kuster (D),
David Kustoff (R),
Darin LaHood (R),
Doug LaMalfa (R),
Doug Lamborn (R),
John Larson (D),
Bob Latta (R),
Jake LaTurner (R),
Brenda Lawrence (D),
Carolyn Maloney (D),
Sean Maloney (D),
Tracey Mann (R),
Kathy Manning (D),
Betty McCollum (D),
David McKinley (R),
Cathy McMorris Rodgers (R),
Dan Meuser (R),
Carol Miller (R),
Mariannette Miller-Meeks (R),
John Moolenaar (R),
Alex Mooney (R),
Blake Moore (R),
Joe Morelle (D),
Frank Mrvan (D),
Greg Murphy (R),
Troy Nehls (R),
Donald Norcross (D),
Tom O'Halleran (D),
Jimmy Panetta (D),
Chris Pappas (D),
Bill Pascrell (D),
Scott Perry (R),
Dean Phillips (D),
Mark Pocan (D),
Tom Reed (R),
Guy Reschenthaler (R),
Mike Rogers (R),
Matt Rosendale (R),
Deborah Ross (D),
David Rouzer (R),
Dutch Ruppersberger (D),
Pat Ryan (D),
María Salazar (R),
Linda Sánchez (D),
Adam Schiff (D),
Kurt Schrader (D),
David Schweikert (R),
Bobby Scott (D),
David Scott (D),
Pete Sessions (R),
Terri Sewell (D),
Brad Sherman (D),
Mike Simpson (R),
Adrian Smith (R),
Lloyd Smucker (R),
Pete Stauber (R),
Michelle Steel (R),
Elise Stefanik (R),
Bryan Steil (R),
Haley Stevens (D),
Tom Suozzi (D),
Eric Swalwell (D),
G.T. Thompson (R),
Tom Tiffany (R),
Dina Titus (D),
Paul Tonko (D),
Norma Torres (D),
Lori Trahan (D),
David Trone (D),
Fred Upton (R),
David Valadao (R),
Jeff Van Drew (R),
Juan Vargas (D),
Marc Veasey (D),
Ann Wagner (R),
Brad Wenstrup (R),
Susan Wild (D),
Roger Williams (R),
Rob Wittman (R),
Last Action
Referred to the House Committee on Ways and Means. (on 04/04/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/7382/all-info |
| BillText | https://www.congress.gov/117/bills/hr7382/BILLS-117hr7382ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr7382/BILLS-117hr7382ih.pdf.pdf |
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