LIFO relief bill for auto dealers passes Senate.No vote from House of Representatives

As the 117th Congress draws to a close, Thursday night, the Senate passed a bipartisan bill to provide dealers. LIFO Tax Reduction.

Mike Stanton, CEO of the National Automobile Dealers Association, said in a statement Friday morning, “The bill’s passage through the Senate is a necessary step for LIFO dealers due to the pandemic and supply chain issues. It’s a huge step forward in providing effective relief.

But the House did not vote on that version of the LIFO relief bill on Friday, instead focusing on a roughly $1.7 trillion comprehensive spending package that would avoid a federal shutdown. The bill passed the House and was sent to the White House before Congress adjourned.

A new Congress, with a Republican majority, will convene early next year.