[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 69 Introduced in House (IH)]

114th CONGRESS
  1st Session
H. CON. RES. 69

Expressing the sense of Congress that any reform or repeal of the last-
 in, first-out method of accounting for inventories (LIFO) would cause 
    irreparable and unnecessary damage to United States businesses.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2015

 Mr. Williams submitted the following concurrent resolution; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
Expressing the sense of Congress that any reform or repeal of the last-
 in, first-out method of accounting for inventories (LIFO) would cause 
    irreparable and unnecessary damage to United States businesses.

Whereas the last-in, first-out method of accounting for inventories (LIFO) is a 
        widely used and accepted inventory accounting method that has been part 
        of the Federal internal revenue laws since 1939;
Whereas LIFO is not a loophole and therefore should not be treated as such in 
        any reform of the Federal internal revenue laws; and
Whereas the preservation of LIFO is in the economic interest of the United 
        States: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of Congress that irreparable and unnecessary 
damage to United States businesses would result from reform or repeal 
of the last-in, first-out method of accounting for inventories (LIFO) 
provided under section 472 of the Internal Revenue Code of 1986.
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