Senate Finance Committee Drafting Tax Reform Bill
Based on recent reports, sources indicate that at least two Senate Finance Committee members have stated that they favor LIFO repeal. Meanwhile, the House of Representatives held a press conference last week to announce the release of their tax reform plan, and the Ways and Means Committee unveiled the full details of their 429 page tax bill, called the Tax Cuts and Jobs Act. LIFO repeal is currently excluded from the House tax plan, but LIFO-PRO & the LIFO Coalition are closely monitoring the House markup process, and will report any changes as the tax bill progresses.
Based on the above, the greatest risk of LIFO repeal resides in the Senate. The House Ways & Means Committee began marking up their tax bill yesterday, and Senate leadership has asked Republican senators to send their final priorities to the Committee on Finance by the end of this week. If the House tax plan is voted on & passed by November 13th, the Senate will likely take up tax reform starting November 27th when they return from their Thanksgiving recess.
Tax Bill Timeframe
The tax bill timeframe is as follows:
House –
November 6 – 12: Markups/debate
November 13: Vote
Senate –
November 18-26: Thanksgiving recess
November 27 – December 15: Finance Committee begins drafting Senate tax bill; markups/debate to follow & vote hoped to be made by 12/15
Take Action to Help Save LIFO
Urge Senate Finance Committee members to take LIFO repeal off the table today by sending a letter/message via email, phone or fax. It’s vitally important for Congress to receive support for the LIFO method from businesses that are LIFO taxpayers & members of Congress or their staffers will always listen to their constituents’ concerns. Instructions for who to contact, how to contact them, what to include, how to format your message & a sample LIFO support letter are provided below.
How to Take Action
Contact your Senator today & ask them to keep LIFO repeal off the table. Let them know you want the Senate Finance Committee to keep LIFO! Visit our Preserve LIFO Resources page for LIFO repeal resources including instructions on who/how to contact your senator, senate contact information, a sample letter in support of LIFO & message content ideas.
Save LIFO