119-S1687
Fair Accounting for Condominium Construction Act
Last action was on 5-8-2025
SenateCurrent status is Read twice and referred to the Committee on Finance.
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119th CONGRESS
1st Session
S. 1687
1. Short title2. Exception to percentage of completion method of accounting for certain residential construction contracts1. Short title
This Act may be cited as the "Fair Accounting for Condominium Construction Act".
2. Exception to percentage of completion method of accounting for certain residential construction contracts
(a) In general - Section 460(e) of the Internal Revenue Code of 1986 is amended—
(1) - in paragraph (1)—
(A) - by striking "home construction contract" both places it appears and inserting "residential construction contract", and
(B) - by inserting "(determined by substituting "3-year" for "2-year" in subparagraph (B)(i) for any residential construction contract which is not a home construction contract)" after "the requirements of clauses (i) and (ii) of subparagraph (B)",
(2) - by striking paragraph (4) and redesignating paragraph (5) as paragraph (4), and
(3) - in subparagraph (A) of paragraph (4), as so redesignated, by striking "paragraph (4)" and inserting "paragraph (3)".
(b) Application of exception for purposes of alternative minimum tax - Section 56(a)(3) of such Code is amended by striking "any home construction contract (as defined in section 460(e)(6))" and inserting "any residential construction contract (as defined in section 460(e)(4))".
(c) Effective date - The amendments made by this section shall apply to contracts entered into after the date of the enactment of this Act.