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H.R. 700 · 118th Congress · 2023–2024

Supply Chain Disruptions Relief Act

H.R. 700 in the 118th Congress (2023–2024) was introduced on Feb 1, 2023, sponsored by Jodey C. Arrington with 169 co-sponsors.

During the 118th Congress (2023–2024), Joe Biden was president, and Republicans held the House majority and Democrats the Senate majority.

Status
Introduced
Introduced
Feb 1, 2023
Co-sponsors
169
Policy area
Taxation

What it does

Supply Chain Disruptions Relief Act This bill modifies the treatment of liquidations of new motor vehicle inventory as qualified LIFO (last in first out accounting method) inventory. It allows new motor vehicle dealers to elect to wait until the end of 2025 to replace their inventory for purposes of determining income attributable to the sale of such inventory during 2020 and 2021.

Summary by the nonpartisan Congressional Research Service.

Sponsor

Jodey C. Arrington (R-TX). Co-sponsors: 74 Democrats, 95 Republicans.

Where it stands

  • IntroducedFeb 1, 2023
  • Passed the House—
  • Passed the Senate—
  • Sent to the President—
  • Became law—

Latest action: Referred to the House Committee on Ways and Means. (Feb 1, 2023)

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From GovInfo bill records, Congressional Research Service summaries, Voteview roll calls and lobbying reports.

Cite or embed this page

Capitol Receipts, “H.R. 700 (118th Congress): Supply Chain Disruptions Relief Act,” https://www.capitolreceipts.com/bill/118-hr-700/supply-chain-disruptions-relief-act (accessed 2026-10-17).