Manchin, Capito Introduce Bill on Tax Relief for Auto Dealers

Senators Joe Manchin and Shelley Moore Capito introduce a bipartisan bill to provide tax relief to auto dealers experiencing inventory shortages due to global supply chain issues.

• The bill would allow new vehicle dealers to delay the recognition of income triggered by the Last-In First-Out (LIFO) recapture for tax years 2020 and 2021, according to a statement from Manchin
• NOTE: The proposal is similar to a House bill introducedby Representatives Dan Kildee and Jodey Arrington

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