118th Congress · HOUSE BILLBILL

H.R. 700 — Supply Chain Disruptions Relief Act

“To treat certain liquidations of new motor vehicle inventory as qualified liquidations of LIFO inventory for purposes of the Internal Revenue Code of 1986.”

Taxation

Introduced Feb 1, 2023

Last action Feb 1, 2023

Pipeline · Bill → Law

Step 1

Introduced

Feb 1, 2023

Step 2

Referred

Feb 1, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Feb 1, 2023

Introduced in House

Feb 1, 2023

Referred to the House Committee on Ways and Means.