(NAW) The LIFO Coalition is calling on Congress to preserve the Last-In, First-Out (LIFO) tax provision. LIFO has been a bipartisan pillar of U.S. tax policy for decades, enabling businesses to manage rising costs, stabilize supply chains, and fight inflation. Any attempt to repeal LIFO would devastate small businesses, disrupt supply chains, and drive up inflation. The Coalition submitted comments to the House Republican Tax Team focused on Supply Chain as part of the Committee’s effort to study the 2017 Tax Cuts and Jobs Act (TCJA) ahead of the expiration of key tax provisions in 2025. The coalition’s comments can be found here.
“LIFO is a proven and widely accepted inventory accounting method that has helped U.S. businesses navigate rising costs and inflation for decades,” said Alex Hendrie, AVP of Government Relations at NAW. “It is not a tax loophole and has been recognized by both Democrats and Republicans as an important provision of the tax code. As Congress moves forward with tax reform in 2025, the LIFO Coalition urges Congress to maintain the current tax treatment of LIFO.”
The LIFO Coalition, of which NAED is a member, represents trade associations and businesses of every size and industry sector that employ the LIFO inventory accounting method. The Coalition includes more than 120 members representing a wide swath of American industry – including manufacturing, wholesale distribution, retail, and car and equipment dealers. Learn more.
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