The American Supply Association applauds the work of the House and Senate in passing a sweeping reform of the country’s tax code — reforms not achieved since 1986.
For years, ASA, along with hundreds of business groups, have been pushing Washington to address the inequities in the tax code and bring certainty to millions of small businesses and manufacturers across the country.
“Since ASA opened its Washington office, one of our key priorities was preserving the use of LIFO (last-in, first-out) for our members,” ASA Director of Government Affairs Dan Hilton said. “Being a significant source of revenue for tax writers made its repeal an ever constant threat, one that members of ASA would not take lying down. ASA is pleased LIFO will remain a tool available to its members as the new measure preserves its use in the tax code.”