1. Short title This Act may be cited as the Supply Chain Disruptions Relief Act . 2. Treatment of certain liquidations of new motor vehicle inventory as qualified liquidations of LIFO inventory (a) In general In the case of any dealer of new motor vehicles which inventories new motor vehicles under the LIFO method for any specified taxable year, the requirements of paragraphs (1)(B) and (2) of section 473(c) of the Internal Revenue Code of 1986 shall be treated as satisfied with respect to such inventory for such taxable year. (b) Additional relief (1) In general The Secretary shall, not later than the date which is 90 days after the date of the enactment of this Act, prescribe regulations or other guidance under which dealers of new motor vehicles with a qualified liquidation (determined after application of subsection (a)) of new motor vehicles for any specified taxable year may elect— (A) to not recognize any income in the specified taxable year which is solely attributable to such qualified liquidation, and (B) to treat the replacement period with respect to such liquidation as being the period beginning with the first taxable year after such specified taxable year and ending with the earlier of— (i) the first taxable year after such liquidation with respect to which such dealer does not inventory new motor vehicles under the LIFO method, or (ii) the last taxable year ending before January 1, 2026. (2) Failure to fully replace liquidated vehicles during replacement period If, as of the close of the replacement period, the taxpayer has failed to replace all liquidated vehicles with respect to a qualified liquidation to which paragraph (1) applies, the taxpayer shall increase gross income for the last taxable year of the replacement period by the sum of— (A) the aggregate amount of income that would have been required to be recognized in the liquidation year had the taxpayer elected to apply the provisions of section 473 of the Internal Revenue Code of 1986 and not made the election in paragraph (1), plus (B)