Simpson Cosponsors Supply Chain Disruptions Relief Act

Washington, D.C. – Idaho Congressman Mike Simpson today cosponsored H.R. 7382, the Supply Chain Disruptions Relief Act, legislation to provide needed short-term relief to help auto dealers recover from severe inventory shortages due to global supply chain issues.

“The auto industry, like many other industries, has felt the sting of supply chain issues, experiencing major delays and higher prices for global vehicle parts. Due to common First-In Last-Out (LIFO) accounting methods of the industry, dealers are taxed for shortfalls that are beyond their control,” said Simpson

H.R. 7382, which was introduced by Representative Daniel Kildee (D-MI), would authorize the Treasury to provide relief to businesses struggling to replace inventory because of global supply chain issues beyond their control.  The Treasury has existing authority to exercise this option for our nation’s small businesses in cases of “major foreign trade interruption” but has declined to do recently, citing a lack of legislative authority. 

“This legislation would provide greatly needed relief for burdened Idaho auto businesses, and I am hopeful this legislation will be expeditiously considered on the House floor.”

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