Yesterday, the bipartisan “Supply Chain Disruptions Relief Act” (H.R. 700) was reintroduced in the U.S. House by Reps. Jodey Arrington (R-Texas) and Dan Kildee (D-Mich.). This legislation is identical to the LIFO relief bill from last Congress, which received overwhelming bipartisan support and passed the Senate without opposition. H.R. 700 would allow businesses on LIFO extended time to replace vehicle inventories as pandemic-related global disruptions and reduced auto production made it nearly impossible to replenish new vehicle supply.
A Senate companion bill is expected to be reintroduced soon by Senators Sherrod Brown (D-Ohio) and Tim Scott (R-S.C.).
NADA commends Reps. Arrington and Kildee for their continued leadership to ensure the reintroduction of the Supply Chain Disruptions Relief Act, important bipartisan legislation to address supply chain and semiconductor shortages during the pandemic that severely impacted vehicle production.
“NADA urges Congress to pass this technical and noncontroversial legislation as soon as possible to help the auto industry continue its recovery from drastic inventory shortfalls resulting from the pandemic and semiconductor shortage,” said Mike Stanton, NADA president and CEO.
Please see the NADA LIFO issue brief here and statements from Reps. Kildee and Arrington here.