Supply Chain Disruptions Relief Act
USA117th CongressS-4105| Senate
| Updated: 12/23/2022
Sherrod Brown
Democratic Senator
Ohio
Cosponsors (59)
Joni Ernst (Republican)Jeanne Shaheen (Democratic)Rick Scott (Republican)Bill Cassidy (Republican)Mike Braun (Republican)Tammy Duckworth (Democratic)Roger Marshall (Republican)Margaret Wood Hassan (Democratic)Dan Sullivan (Republican)Dianne Feinstein (Democratic)Catherine Cortez Masto (Democratic)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Charles E. Schumer (Democratic)Jerry Moran (Republican)James E. Risch (Republican)Alex Padilla (Democratic)Cynthia M. Lummis (Republican)Christopher A. Coons (Democratic)Ron Johnson (Republican)Marsha Blackburn (Republican)Todd Young (Republican)Thomas R. Carper (Democratic)Angus S. King (Independent)Amy Klobuchar (Democratic)James M. Inhofe (Republican)Roger F. Wicker (Republican)Rand Paul (Republican)John Boozman (Republican)Roy Blunt (Republican)Robert P. Casey (Democratic)Jacky Rosen (Democratic)John Thune (Republican)Mike Rounds (Republican)Chris Van Hollen (Democratic)Tim Scott (Republican)Ben Sasse (Republican)Kevin Cramer (Republican)Jon Tester (Democratic)Debbie Stabenow (Democratic)Deb Fischer (Republican)Bill Hagerty (Republican)John Barrasso (Republican)Patty Murray (Democratic)Tina Smith (Democratic)Tammy Baldwin (Democratic)John Cornyn (Republican)Benjamin L. Cardin (Democratic)Chuck Grassley (Republican)Marco Rubio (Republican)Raphael G. Warnock (Democratic)Gary C. Peters (Democratic)Rob Portman (Republican)Steve Daines (Republican)John Hoeven (Republican)Richard Blumenthal (Democratic)Mark Kelly (Democratic)Richard Burr (Republican)Shelley Moore Capito (Republican)
Finance Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance.
Passed Senate without amendment by Unanimous Consent. (consideration: CR S10102; text: CR S10102)
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Senate Committee on Finance discharged by Unanimous Consent.
Message on Senate action sent to the House.
Received in the House.
Held at the desk.
Taxation
Accounting and auditingAdministrative law and regulatory proceduresDepartment of the TreasuryIncome tax deferralMotor vehiclesTax administration and collection, taxpayers
Supply Chain Disruptions Relief Act
USA117th CongressS-4105| Senate
| Updated: 12/23/2022
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance.
Passed Senate without amendment by Unanimous Consent. (consideration: CR S10102; text: CR S10102)
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Senate Committee on Finance discharged by Unanimous Consent.
Message on Senate action sent to the House.
Received in the House.
Held at the desk.
Sherrod Brown
Democratic Senator
Ohio
Cosponsors (59)
Joni Ernst (Republican)Jeanne Shaheen (Democratic)Rick Scott (Republican)Bill Cassidy (Republican)Mike Braun (Republican)Tammy Duckworth (Democratic)Roger Marshall (Republican)Margaret Wood Hassan (Democratic)Dan Sullivan (Republican)Dianne Feinstein (Democratic)Catherine Cortez Masto (Democratic)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Charles E. Schumer (Democratic)Jerry Moran (Republican)James E. Risch (Republican)Alex Padilla (Democratic)Cynthia M. Lummis (Republican)Christopher A. Coons (Democratic)Ron Johnson (Republican)Marsha Blackburn (Republican)Todd Young (Republican)Thomas R. Carper (Democratic)Angus S. King (Independent)Amy Klobuchar (Democratic)James M. Inhofe (Republican)Roger F. Wicker (Republican)Rand Paul (Republican)John Boozman (Republican)Roy Blunt (Republican)Robert P. Casey (Democratic)Jacky Rosen (Democratic)John Thune (Republican)Mike Rounds (Republican)Chris Van Hollen (Democratic)Tim Scott (Republican)Ben Sasse (Republican)Kevin Cramer (Republican)Jon Tester (Democratic)Debbie Stabenow (Democratic)Deb Fischer (Republican)Bill Hagerty (Republican)John Barrasso (Republican)Patty Murray (Democratic)Tina Smith (Democratic)Tammy Baldwin (Democratic)John Cornyn (Republican)Benjamin L. Cardin (Democratic)Chuck Grassley (Republican)Marco Rubio (Republican)Raphael G. Warnock (Democratic)Gary C. Peters (Democratic)Rob Portman (Republican)Steve Daines (Republican)John Hoeven (Republican)Richard Blumenthal (Democratic)Mark Kelly (Democratic)Richard Burr (Republican)Shelley Moore Capito (Republican)
Finance Committee
Taxation
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Accounting and auditingAdministrative law and regulatory proceduresDepartment of the TreasuryIncome tax deferralMotor vehiclesTax administration and collection, taxpayers