H.R. 700 · 118th Congress

Gives new-car dealers through 2025 to restock 2020-21 inventory without triggering tax

Official title: Supply Chain Disruptions Relief Act1

Never got a floor voteBusiness tax breaks

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

Drafted by AI from the public sources cited. Each sentence links to its source.

This bill would change tax rules for new-car dealers that value their inventory using the last-in, first-out (LIFO) method, which treats the most recently acquired vehicles as the first ones sold, and whose vehicle inventories shrank in tax years ending between March 12, 2020, and the end of 2021.2,3,4 Those dealers could choose not to count the income caused by the inventory drop in those years, as long as they restock by the end of their last tax year that ends before 2026.3,4 A dealer that did not fully restock by then would have to add that income, plus interest, to its taxable income for that final year.4

§2Status

StatusLatest action, February 1, 2023: Referred to the House Committee on Ways and Means.1
IntroducedFebruary 1, 2023
SponsorRep. Arrington, Jodey C. [R-TX-19]
Cosponsors169 cosponsors (74 Democratic, 95 Republican)
Official recordH.R. 700 on Congress.gov

§3It never got a vote

Why this matters: This bill had wide support from both parties, but it never reached the House or Senate floor, so no member of Congress was ever recorded voting for or against it.

Latest action, February 1, 2023: Referred to the House Committee on Ways and Means.1 How bills die without a vote.

2026 candidates who sponsored or cosponsored it (117)