March 26, 2018 | by    

MSCI Asks Members To Thank Lawmakers For Retaining LIFO

As Metals Service Center Institute (MSCI) members are aware, the federal tax bill passed and signed into law last year kept in place the last-in, last-out (LIFO) accounting principle. MSCI had worked with the LIFO Coalition over the last several years to achieve this outcome.

With lawmakers on Capitol Hill now discussing a second round tax cuts, the threat to LIFO has not been entirely removed. There is little doubt that the Joint Committee on Taxation produced a revenue score for LIFO repeal during last year’s tax debate, and repeal therefore remains a source of revenue that could be used as a pay-for in other tax legislation.

To ensure that LIFO repeal is not considered in that context, the LIFO Coalition is initiating a “thank-you” campaign to reach out to the members of Congress who supported the coalition’s efforts to protect LIFO. The coalition sent this type of letter to Shahira Knight, the key tax official at the White House National Economic Council, thanking her for her work in keeping LIFO out of the tax debate.

MSCI encourages its members to use this letter as an example and to reach out to the following members who are strong supporters of LIFO:

  • House Speaker Paul Ryan (R-WI-1)
  • Rep. Kevin Brady (R-TX-8)
  • Rep. Peter Roskam (R-IL-6)
  • Rep. Michael Kelly (R-PA-3)
  • Rep. Vern Buchanan (R-FL-16)
  • Rep. Adrian Smith (R-NE-3)
  • Rep. Sam Johnson (R-TX-3)
  • Rep. Andy Barr (R-KY-6)
  • Rep. Roger Williams (R-TX-25)
  • Rep. Steve Stivers (R-OH-15)
  • Senate Majority Leader Mitch McConnell (R-KY)
  • Sen. Orrin G. Hatch (R-UT)
  • Sen. Bill Cassidy (R-LA)
  • Sen. John Thune (R-SD)
  • Sen. Pat Roberts (R-KS)
  • Sen. Mike Enzi (R-WY)
  • Sen. Rob Portman (R-OH)
  • Sen. Pat Toomey (R-PA)
  • Sen. Tim Scott (R-SC)
  • Sen. Richard Burr (R-NC)
  • Sen. James Lankford (R-OK)
  • Sen. Todd Young (R-IN)