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Tax Relief for Car Dealers Amid Supply Chain Disruptions

This act aims to ease tax burdens for new motor vehicle dealers who faced inventory liquidations. It allows them to defer recognizing income from inventory sales that would normally be taxed, giving them more time to replenish stock without immediate tax consequences.
Key points
New car dealers can defer paying tax on income from inventory sold off (liquidated).
They have until the taxable year ending before January 1, 2026, to replace liquidated inventory to avoid additional charges and interest.
The changes apply to tax years ending after March 12, 2020, and before January 1, 2022.
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Additional Information
Print number: 117_HR_7382
Sponsor: Rep. Kildee, Daniel T. [D-MI-5]
Process start date: 2022-04-04
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Supply Chain Disruptions Relief Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7382.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-04.

What are the main provisions?

Key points include:

  • New car dealers can defer paying tax on income from inventory sold off (liquidated).
  • They have until the taxable year ending before January 1, 2026, to replace liquidated inventory to avoid additional charges and interest.
  • The changes apply to tax years ending after March 12, 2020, and before January 1, 2022.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Kildee, Daniel T. [D-MI-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Economy