HR 7851 · 96th Congress · Taxation

Retailer Inventory Reform Act of 1980

Introduced 1980-07-28· Sponsored by Rep. Nowak, Henry [D-NY-37]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Education and Labor.(1980-07-28)

Plain Language Summary

[AI summary unavailable — showing source text] Retailer Inventory Reform Act of 1980 - Amends the Internal Revenue Code to permit retail stores to use price indexes published by the Bureau of Labor Statistics when reporting income under the LIFO method of accounting. Requires the Bureau of Labor Statistics to prepare such price indexes in the same manner as they were prepared in 1979. Prohibits the use of unappropriated funds for the preparation and publication of such indexes.…

Summarized by Claude AI · Non-partisan · For informational purposes only