S 1687
Fair Accounting for Condominium Construction Act
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- Passed Senate
- Passed House
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- Became Law
Bill overview
This bill, the Fair Accounting for Condominium Construction Act, changes how residential construction contracts are accounted for on tax returns. Specifically, it creates an exception to the ‘percentage of completion’ method of accounting, which is commonly used for construction projects. This change aims to provide a more accurate accounting method for condominium construction, potentially simplifying tax reporting for developers and builders. The bill takes effect after the law is enacted.
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