Category: LIFO

The bill would give dealerships up to three years to replace their inventory before having to pay taxes on inventory sales from 2020 or 2021. WASHINGTON — U.S. Reps. Dan Kildee, D-Mich., and Jodey Arrington, R-Texas, plan to...

I want to provide an update on NADA’s legislative progress to pass the “Supply Chain Disruptions Relief Act” (H.R. 7382/S. 4105) (issue brief here), which would provide temporary relief for dealers on LIFO.  In a significant...

The bill would allow dealerships to wait until as late as 2025 for their inventories to be replaced to determine the income attributable to the sale of inventory during 2020 or 2021. U.S. Rep. Dan Kildee on Monday plans to...

As new vehicle inventories dwindled with the onset of the pandemic – and fell through the floor because of the persistent microchip shortage – NADA has been fighting for dealers who rely on the Last-In, First-Out (LIFO)...

As previously reported, in November 2021, letters were sent by 20 Senate Democrats and 91 Democrat and Republican members of the House of Representatives urging the Department of the Treasury to act expeditiously to provide...