WASHINGTON, D.C. – U.S. Senator Cynthia Lummis (R-WY) joined Senators Tim Scott (R-SC) and Sherrod Brown (D-OH) in introducing the Supply Chain Disruptions Relief Act to deliver much-needed tax relief to auto dealers across Wyoming that have been crushed by inventory shortages and supply chain mishaps.
“The Supply Chain Disruptions Relief Act would bring targeted relief to car dealerships that have been devastated during the last two years by a never-ending string of unprecedented supply chain shortages,” said Senator Lummis. “This legislation will help local Wyoming auto dealers keep their doors open, workers employed, and help lower costs and increase inventory for consumers.”
The bipartisan legislation, endorsed by the National Automobile Dealers Association (NADA), aims to provide a helping hand to new vehicle auto dealers by allowing them to delay the recognition of income triggered by the Last-In First-Out (LIFO) recapture for tax years 2020 and 2021.
Supply chain issues caused Wyoming auto dealers to experience 6-8 week delays and skyrocketed the cost of cars by as much as $20,000-30,000 above MSRP (Manufacturers Suggested Retail Price) during 2022.
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