🤔 After some back and forth, the Senate has passed a bipartisan tax relief bill to help dealers amid inventory shortages.
💰 NADA says the Senate took up the bill because there is no provision in the recent $1.7T spending bill.
🤷 The bill will assist dealers using the LIFO accounting method to address "Major unanticipated tax liabilities," according to NADA president Mike Stanton.
👍 The house must pass the Supply Chain Disruptions Relief Act's companion bill. If it does, the Treasury Department can give LIFO dealers extended time to replace inventory.