A recent message from the LIFO Coalition highlighted a development regarding a policy agenda involving LIFO that has been drafted by Republican Party members within the House of Representatives.
Some of the blueprints that include the retention of LIFO are quoted below:
“With respect to inventory, the Blueprint will preserve the last-in-first-out (LIFO) method of accounting. The Committee on Ways and Means will continue to evaluate options for making the treatment of inventory more effective and efficient in the context of this new tax system.”
This tax proposal would be set forth as a piece of a larger policy agenda, and is substantially different from recent GOP tax reform proposals that have supported repealing LIFO.
The text information regarding preserving LIFO can be found on page 26 of this document.
Bob Richardson