,,ii  #aahth ,,congress  #ast ,session  
,s4 #ddc  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #ae1      
#bjbc,mr4 ,brown 7for himself1 ,mr4     
,scott of ,south ,carolina1 ,ms4        
,baldwin1 ,mr4 ,blumenthal1 ,mr4        
,cardin1 ,mr4 ,carper1 ,mr4 ,coons1 ,ms4
 ,cortez ,masto1 ,ms4 ,duckworth1 ,mrs4 
,feinstein1 ,ms4 ,hassan1 ,mr4 ,kelly1  
,mr4 ,king1 ,ms4 ,klobuchar1 ,mr4       
,manchin1 ,mrs4 ,murray1 ,mr4 ,padilla1 
,mr4 ,peters1 ,mrs4 ,shaheen1 ,ms4      
,smith1 ,ms4 ,stabenow1 ,mr4 ,tester1   
,mr4 ,van ,hollen1 ,mr4 ,warnock1 ,mr4  
,barrasso1 ,mrs4 ,blackburn1 ,mr4       
,boozman1 ,mr4 ,braun1 ,mrs4 ,capito1   
,mr4 ,cassidy1 ,mr4 ,cornyn1 ,mr4       
,cramer1 ,mr4 ,crapo1 ,mr4 ,daines1 ,mr4
 ,grassley1 ,mr4 ,hagerty1 ,mr4 ,hoeven1
 ,mrs4 ,hyde-,smith1 ,mr4 ,johnson1 ,mr4
 ,lankford1 ,ms4 ,lummis1 ,mr4          
,marshall1 ,mr4 ,moran1 ,mr4 ,risch1    
,mr4 ,rounds1 ,mr4 ,rubio1 ,mr4 ,scott  
of ,florida1 ,mr4 ,thune1 ,mr4 ,tillis1 
and ,mr4 ,wicker7 introduced the        

following bill2 which was read twice and
 referred to the ,committee on ,finance 
,a ,,bill  ,to treat certain            
liquidations of new motor vehicle       
inventory as qualified liquidations of  
,,lifo inventory for purposes of the    
,internal ,revenue ,code of #aihf4  #a4 
,short title ,this ,act may be cited as 
the ,supply ,chain ,disruptions ,relief 
,act4  #b4 ,treatment of certain        
liquidations of new motor vehicle       
inventory as qualified liquidations of  
,,lifo inventory  7a7 ,in general ,in   
the case of any dealer of new motor     
vehicles which inventories new motor    
vehicles under the ,,lifo method for any
 specified taxable year1 the            
requirements of paragraphs 7#a77;,b7 and
 7#b7 of section #dgc7;c7 of the        
,internal ,revenue ,code of #aihf shall 
be treated as satisfied with respect to 
such inventory for such taxable year4   
7b7 ,additional relief  7#a7 ,in general
 ,the ,secretary shall1 not later than  
the date which is #ij days after the    

date of the enactment of this ,act1     
prescribe regulations or other guidance 
under which dealers of new motor        
vehicles with a qualified liquidation   
7determined after application of        
subsection 7a77 of new motor vehicles   
for any specified taxable year may      
elect-- 7,a7 to not recognize any income
 in the specified taxable year which is 
solely attributable to such qualified   
liquidation1 and  7,b7 to treat the     
replacement period with respect to such 
liquidation as being the period         
beginning with the first taxable year   
after such specified taxable year and   
ending with the earlier of-- 7i7 the    
first taxable year after such           
liquidation with respect to which such  
dealer does not inventory new motor     
vehicles under the ,,lifo method1 or    
7ii7 the last taxable year ending before
 ,january #a1 #bjbf4  7#b7 ,failure to  
fully replace liquidated vehicles during
 replacement period ,if1 as of the close
 of the replacement period1 the taxpayer

 has failed to replace all liquidated   
vehicles with respect to a qualified    
liquidation to which paragraph 7#a7     
applies1 the taxpayer shall increase    
gross income for the last taxable year  
of the replacement period by the sum    
of-- 7,a7 the aggregate amount of income
 that would have been required to be    
recognized in the liquidation year had  
the taxpayer elected to apply the       
provisions of section #dgc of the       
,internal ,revenue ,code of #aihf and   
not made the election in paragraph 7#a71
 plus  7,b7 interest thereon at the     
underpayment rate established under     
section #ffba of such ,code4  7#c7      
,elections  7,a7 ,in general ,except to 
the extent provided in subparagraph     
7,b71 an election under paragraph 7#a7  
with respect to any specified taxable   
year shall be made by the due date      
7including extensions7 for filing the   
taxpayer's return of tax for such       
taxable year and in such manner as the  
,secretary may prescribe4 ,once made1   

any such election shall be irrevocable4 
7,b7 ,certain elections treated as      
change in method of accounting ,in the  
case of an election with respect to a   
specified taxable year for which the    
return of tax has already been filed    
before the date of the enactment of this
 ,act1 any election under paragraph 7#a7
 for such specified taxable year may be 
made on the return of tax for the first 
taxable year ending after the date of   
the enactment of this ,act and shall be 
treated for purposes of section #dha of 
the ,internal ,revenue ,code of #aihf as
 a change in method of accounting       
initiated by the taxpayer and made with 
the consent of the ,secretary4  7c7     
,definitions ,for purposes of this      
section-- 7#a7 ,specified taxable year  
,the term specified taxable year means  
any liquidation year ending after ,march
 #ab1 #bjbj1 and before ,january #a1    
#bjbb4  7#b7 ,new motor vehicle ,the    
term new motor vehicle means a motor    
vehicle-- 7,a7 which is described in    

section #afc7;j77#i77;,c77i7 of the     
,internal ,revenue ,code of #aihf1 and  
7,b7 the original use of which has not  
commenced4  7#c7 ,secretary ,the term   
,secretary means the ,secretary of the  
,treasury or the ,secretary's delegate4 
7#d7 ,other terms ,except as otherwise  
provided in this section1 terms used in 
this section which are also used in     
section #dgc of the ,internal ,revenue  
,code of #aihf shall have the same      
meaning as when used in such section    
#dgc4