A bill to amend the Internal Revenue Code of 1954 to allow retail stores to use price indexes published by the Bureau of Labor Statistics in using the LIFO method of accounting with respect to the retail method of pricing inventories and to provide that only appropriated funds may be used in preparing and publishing such indexes.
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.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Referred to House Committee on Education and Labor.
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