Supply Chain Disruptions Relief Act
USA118th CongressS-443| Senate
| Updated: 2/15/2023
Sherrod Brown
Democratic Senator
Ohio
Cosponsors (63)
Joni Ernst (Republican)Jeanne Shaheen (Democratic)Rick Scott (Republican)Bill Cassidy (Republican)Mike Braun (Republican)Tammy Duckworth (Democratic)Roger Marshall (Republican)Markwayne Mullin (Republican)Margaret Wood Hassan (Democratic)Katie Boyd Britt (Republican)Dianne Feinstein (Democratic)Catherine Cortez Masto (Democratic)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Charles E. Schumer (Democratic)Jerry Moran (Republican)Mike Lee (Republican)James E. Risch (Republican)Alex Padilla (Democratic)Cynthia M. Lummis (Republican)Christopher A. Coons (Democratic)Ron Johnson (Republican)J. D. Vance (Republican)Marsha Blackburn (Republican)Todd Young (Republican)Thomas R. Carper (Democratic)Angus S. King (Independent)Amy Klobuchar (Democratic)Roger F. Wicker (Republican)John Boozman (Republican)Robert P. Casey (Democratic)Tim Kaine (Democratic)Jacky Rosen (Democratic)Joe Manchin (Independent)John Thune (Republican)Mike Rounds (Republican)Ted Cruz (Republican)Chris Van Hollen (Democratic)Tim Scott (Republican)Kevin Cramer (Republican)James Lankford (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)Robert Menendez (Democratic)Chuck Grassley (Republican)Marco Rubio (Republican)Raphael G. Warnock (Democratic)Gary C. Peters (Democratic)Steve Daines (Republican)John Hoeven (Republican)Richard Blumenthal (Democratic)Mark Kelly (Democratic)Ted Budd (Republican)Mike Crapo (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.
Taxation
Accounting and auditingAdministrative law and regulatory proceduresDepartment of the TreasuryIncome tax deferralMotor vehiclesTax administration and collection, taxpayers
Supply Chain Disruptions Relief Act
USA118th CongressS-443| Senate
| Updated: 2/15/2023
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.
View Full TextSuggested 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.
Sherrod Brown
Democratic Senator
Ohio
Cosponsors (63)
Joni Ernst (Republican)Jeanne Shaheen (Democratic)Rick Scott (Republican)Bill Cassidy (Republican)Mike Braun (Republican)Tammy Duckworth (Democratic)Roger Marshall (Republican)Markwayne Mullin (Republican)Margaret Wood Hassan (Democratic)Katie Boyd Britt (Republican)Dianne Feinstein (Democratic)Catherine Cortez Masto (Democratic)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Charles E. Schumer (Democratic)Jerry Moran (Republican)Mike Lee (Republican)James E. Risch (Republican)Alex Padilla (Democratic)Cynthia M. Lummis (Republican)Christopher A. Coons (Democratic)Ron Johnson (Republican)J. D. Vance (Republican)Marsha Blackburn (Republican)Todd Young (Republican)Thomas R. Carper (Democratic)Angus S. King (Independent)Amy Klobuchar (Democratic)Roger F. Wicker (Republican)John Boozman (Republican)Robert P. Casey (Democratic)Tim Kaine (Democratic)Jacky Rosen (Democratic)Joe Manchin (Independent)John Thune (Republican)Mike Rounds (Republican)Ted Cruz (Republican)Chris Van Hollen (Democratic)Tim Scott (Republican)Kevin Cramer (Republican)James Lankford (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)Robert Menendez (Democratic)Chuck Grassley (Republican)Marco Rubio (Republican)Raphael G. Warnock (Democratic)Gary C. Peters (Democratic)Steve Daines (Republican)John Hoeven (Republican)Richard Blumenthal (Democratic)Mark Kelly (Democratic)Ted Budd (Republican)Mike Crapo (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