Bob Richardson

Rep. Roger Williams (R-TX) submitted the following concurrent resolution, H.CON.RES.69, to protect the use of LIFO for American businesses. Follow this link to view: H.Con.Res.69

Key highlights of Rep. Williams resolution include:

  • LIFO reform/repeal would case irreparable & unnecessary damage to U.S. businesses
  • LIFO is a widely used & accepted inventory accounting method
  • LIFO is NOT a loophole
  • LIFO shouldn’t be considered in any reform of the Federal internal revenue laws
  • Preserving LIFO is in the economic interest of the United States

The bill was submitted on July 29th, 2015 in the House of Representatives and referred to the Committee on Ways and Means as part of the 114th Congress’ 1st session.

The LIFO Coalition members stand together in applauding Representative Williams’ resolution to protect an established and accepted accounting method that has been in the tax code since the 1930s.

Jade West, LIFO Coalition executive secretariat, commented on the resolution: “Businesses across the country rely on LIFO to accurately and efficiently manage their inventories”…”It is reassuring that Rep. Williams has taken a stand to recognize the value of this widely  accepted accounting method & has offered a resolution that makes it clear that any attempt to repeal the use of LIFO would cause significant & unnecessary damage to the economy & the American people that support it.”

Bob Richardson