H.Con.Res. 69 — Introduced in House

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.