Jade West, the Senior Vice President-Government Relations for the National Association of Wholesaler-Distributors and head of the LIFO Coalition, has issued an update on the LIFO Coalition’s efforts to stop the repeal of LIFO.
LIFO, which stands for “last in, first out,” is an inventory accounting method used by many companies across multiple industries in the U.S. to determine both book income and tax liability. Primarily, LIFO is used to manage the cost of inflation.
This week, a letter was sent to the Senate with 14 signatures, a bipartisan effort, and a great help to the LIFO cause. Senators Enzi and Donnelly deserve a great “thank you” for initiating this effort, along with the other 12 senators who added their signatures to the letter. You can see the final letter here: http://www.naw.org/files/Treasury-Letter.pdf.
The new Coalition website launched on Friday, October 24, and you can access it at the same address: www.saveLIFO.org. The LIFO Coalition wants to thank the almost-50 Coalition members who provided their logos for the website. However, there are more than 120 Coalition members, and they would welcome additional logos.
The Coalition is also placing another full-page ad in the Washington Examiner, which will appear on the inside cover of Monday’s edition. It follows a Halloween theme, appropriately to the week. The ad can be seen below.
Congress will be returning for a Lame Duck Session the week after the mid-term elections. There is not likely to be an attempt to repeal LIFO during this session, but there are a couple of legislative items on the agenda for which “pay-fors” might be needed, and the LIFO Coalition will be paying very close attention. In the interim, the Herald Group continues its excellent effort, organizing top-quality contact with key members of the House and Senate by business/constituent LIFO users.
