Fair Accounting for Condominium Construction Act
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill changes how residential construction contracts are accounted for on tax returns. Specifically, it provides an exception to the ‘percentage of completion’ method of accounting, which is commonly used for construction projects. This change aims to simplify accounting for condominium construction projects by allowing a different method. The bill modifies the Internal Revenue Code to reflect these changes.
Key provisions
- Provides an exception to the percentage of completion method for residential construction contracts.
- Replaces ‘home construction contract’ with ‘residential construction contract’ in relevant tax code sections.
- Modifies the definition of ‘residential construction contract’ within the tax code.
- Applies the exception to contracts entered into after the bill’s enactment.
Who is affected
- Condominium developers
- Construction companies involved in residential projects
- Taxpayers involved in residential construction contracts
Notable changes
- Alters the accounting method used for residential construction projects.
- Changes the terminology used to describe construction contracts in tax regulations.
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours