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LIFO in the GOP Tax Reform "Blueprint"

Friday, June 24, 2016   (0 Comments)
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A Message From the National Association of Wholesaler-Distributors 

 

As you may know, the House Republicans have been working for several months on a series of six issue “blueprints” to set forth a policy agenda.  Their final blueprint, their tax proposal, is being publicly released at a press conference at 10:00 AM this morning.  While the official document was embargoed until 11:00 AM this morning, we saw a draft of it last evening, and it is very good news for us on LIFO.

 

Their proposal specifically calls for the retention of LIFO:

 

“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 is obviously not a piece of legislation, but it is a significant reversal of previous GOP tax reform proposals which have called for LIFO repeal – and it is clearly a direct result of the effort the business community has made to educate legislators on the issue over the past 10 years.

 

We are of course not completely secure at this point, and preservation of LIFO remains one of NAW’s top priorities, but this is a very significant victory.  So thank you for what you all have done! 

 

If you are interested in reviewing the entire tax blueprint, go to:

https://www.naw.org/files/ABetterWayTaxPolicyPaper.pdf


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