Federal RuleAug 21
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DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-2759119th CongressWALLET
Fair Accounting for Condominium Construction Act
Sponsored By: Representative Buchanan, Vern [R-FL-16]
Introduced
Summary
Creates an exception to the percentage-of-completion accounting method for certain residential construction contracts. It replaces the term "home construction contract" with "residential construction contract" in the tax code and aligns Alternative Minimum Tax (AMT) treatment with that new definition.
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- Builders and residential contractors: Qualifying residential construction contracts can fall under a different accounting exception. For contracts that are not traditional "home construction contracts" the timing test used for qualification is lengthened from 2 years to 3 years.
- Taxpayers and tax preparers: The bill updates the AMT reference so the same "residential construction contract" definition is used for AMT purposes. That reduces mismatch between regular tax rules and AMT rules for these contracts.
- Scope and timing: The change applies only to contracts entered into after enactment and does not authorize any new appropriations.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New tax timing rules for residential builders
This bill would change how some builders report income on long residential jobs. It would replace “home construction” with “residential construction” in key tax rules. For residential jobs that are not “home construction,” a 3-year test would replace a 2-year test to see if the exception applies. The Alternative Minimum Tax would use the same new definition. These changes would apply only to contracts signed after the bill is enacted. Builders could see tax bills shift earlier or later depending on their projects.
Sponsors & CoSponsors
Sponsor
Buchanan, Vern [R-FL-16]
FL • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov