summary
Introduced
02/15/2023
02/15/2023
In Committee
02/15/2023
02/15/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th 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 purposes of the Internal Revenue Code. It provides relief to dealers of new motor vehicles who have experienced inventory liquidations due to supply chain disruptions during the COVID-19 pandemic. The bill allows them to not recognize income from such qualified liquidations in the specified taxable year, and gives them additional time to replace the liquidated vehicles. If the vehicles are not fully replaced during the replacement period, the dealer will have to recognize the deferred income and pay interest. The bill also allows for certain elections to be made, with some treated as a change in accounting method.
Committee Categories
Budget and Finance
Sponsors (64)
Sherrod Brown (D)*,
Tammy Baldwin (D),
John Barrasso (R),
Marsha Blackburn (R),
Richard Blumenthal (D),
John Boozman (R),
Katie Boyd Britt (R),
Mike Braun (R),
Ted Budd (R),
Shelley Moore Capito (R),
Ben Cardin (D),
Tom Carper (D),
Bob Casey (D),
Bill Cassidy (R),
Chris Coons (D),
John Cornyn (R),
Catherine Cortez Masto (D),
Kevin Cramer (R),
Mike Crapo (R),
Ted Cruz (R),
Steve Daines (R),
Tammy Duckworth (D),
Joni Ernst (R),
Dianne Feinstein (D),
Deb Fischer (R),
Chuck Grassley (R),
Bill Hagerty (R),
Maggie Hassan (D),
John Hoeven (R),
Cindy Hyde-Smith (R),
Ron Johnson (R),
Tim Kaine (D),
Mark Kelly (D),
Angus King (I),
Amy Klobuchar (D),
James Lankford (R),
Mike Lee (R),
Cynthia Lummis (R),
Joe Manchin (I),
Roger Marshall (R),
Bob Menendez (D),
Jerry Moran (R),
Markwayne Mullin (R),
Patty Murray (D),
Alex Padilla (D),
Gary Peters (D),
Jim Risch (R),
Jacky Rosen (D),
Mike Rounds (R),
Marco Rubio (R),
Chuck Schumer (D),
Rick Scott (R),
Tim Scott (R),
Jeanne Shaheen (D),
Tina Smith (D),
Debbie Stabenow (D),
Jon Tester (D),
John Thune (R),
Thom Tillis (R),
Chris Van Hollen (D),
J.D. Vance (R),
Raphael Warnock (D),
Roger Wicker (R),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Finance. (on 02/15/2023)
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/118th-congress/senate-bill/443/all-info |
| BillText | https://www.congress.gov/118/bills/s443/BILLS-118s443is.pdf |
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