Because the 117th Congress winds down, the Senate on Thursday night handed bipartisan laws that would supply sellers LIFO tax aid.

“Senate passage of the invoice is nice progress to offer sellers on LIFO a lot wanted aid because of the pandemic and provide chain points,” Mike Stanton, CEO of the Nationwide Car Sellers Affiliation, mentioned in a press release Friday morning.

Nonetheless, the Home didn’t vote on its model of the LIFO aid invoice on Friday, as an alternative specializing in an almost $1.7 trillion omnibus spending package deal that may avert a federal authorities shutdown. That invoice was handed by the Home and despatched to the White Home earlier than Congress adjourned.

A brand new Republican-majority Congress will convene at first subsequent yr.

In April, U.S. Rep. Dan Kildee, D-Mich., launched a invoice — the Provide Chain Disruptions Reduction Act — which might permit dealerships that use the “final in, first out” stock accounting to attend till 2025 to interchange their inventories and decide the revenue attributable to the sale of such stock throughout 2020 or 2021, giving sellers time to restock their inventories because the chip scarcity eases and auto manufacturing returns to pre-pandemic ranges. The invoice is supported by greater than 170 Home lawmakers, together with 95 Republicans.

Sen. Sherrod Brown, D-Ohio, launched a companion invoice beneath the identical title, which has the help of greater than 50 lawmakers.

The lawmakers supported legislative motion to offer aid to sellers who’re dealing with vital tax burdens triggered by international provide chain disruptions and subsequent stock shortages associated to COVID-19.