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On Monday, April 4, 2022, U.S. Representative Dan Kildee introduced bipartisan legislation that, if passed, would bring tax relief to new motor vehicle dealerships that utilize the last in, first out (LIFO) accounting method to value their new vehicle inventory and have been unable to maintain or get back to pre-pandemic inventory levels. Under this legislation, dealerships would generally have until 2025 to replenish their inventory. 

We will continue to monitor this legislation and provide updates as it moves through the legislative process.

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