Expressing the sense of Congress that any reform or repeal of the last-in, first-out method of accounting for inventories (LIFO) would cause irreparable and unnecessary damage to United States businesses.

Bill: 114-hconres-69
Sponsor: full_name: Rep. Williams, Roger [R-TX-25]
Introduced: 2015-07-29
Policy area: Taxation
Subjects: Accounting and auditing

Tax administration and collection, taxpayers
Latest action: action_date: 2015-07-29
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-07-29
action_desc: Introduced in House
text: <p>Expresses the sense of Congress that reform or repeal of provisions of the Internal Revenue Code relating to the last-in, first-out (LIFO) method of accounting for inventories would cause irreparable and unnecessary damage to U.S. businesses.</p>

tv_txt: IV 114th CONGRESS 1st Session H. CON. RES. 69 IN THE HOUSE OF REPRESENTATIVES July 29, 2015 Mr. Williams submitted the following concurrent resolution; which was referred to the Committee on Ways and Means CONCURRENT RESOLUTION Expressing the sense of Congress that any reform or repeal of the last-in, first-out method of accounting for inventories (LIFO) would cause irreparable and unnecessary damage to United States businesses.

Whereas the last-in, first-out method of accounting for inventories (LIFO) is a widely used and accepted inventory accounting method that has been part of the Federal internal revenue laws since 1939; Whereas LIFO is not a loophole and therefore should not be treated as such in any reform of the Federal internal revenue laws; and Whereas the preservation of LIFO is in the economic interest of the United States: Now, therefore, be it

That it is the sense of Congress that irreparable and unnecessary damage to United States businesses would result from reform or repeal of the last-in, first-out method of accounting for inventories (LIFO) provided under section 472 of the Internal Revenue Code of 1986.