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119-s-1687119th CongressWALLET

Fair Accounting for Condominium Construction Act

Sponsored By: Senator Young, Todd [R-IN]

Introduced

Summary

Changes tax accounting for condo and other residential construction. The bill amends the tax code to replace the term "home construction contract" with "residential construction contract" and says that for residential contracts that are not home construction contracts the rule uses a "3-year" test instead of "2-year" for the exception to the percentage-of-completion method.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Tax accounting change for builders

This bill would change tax accounting for some residential construction contracts. It would rename "home construction contract" to "residential construction contract." For residential contracts that are not home contracts, it would use a 3-year test instead of the current 2-year test for a timing determination. It would also update the AMT cross-reference to the new definition. These changes would apply to contracts entered into after the date of enactment.

Sponsors & CoSponsors

Sponsor

Young, Todd [R-IN]

IN • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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