Manchin, Capito part of bipartisan effort to provide tax relief for auto dealers

Washington, D.C. – Sens. Shelley Moore Capito (R-W.Va.) and Joe Manchin (D-W.Va.) recently joined with colleagues to introduce the Supply Chain Disruptions Relief Act – legislation led by Sen. Tim Scott (R-S.C.) and Sherrod Brown (D-Ohio) – 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, when dealers faced uncontrollable, pandemic-driven inventory shortfalls of new vehicles.