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Fair Accounting for Condominium Construction Act
To amend the Internal Revenue Code of 1986 to provide an exception to percentage of completion method of accounting for certain residential construction contracts.
Summary
The bill amends tax law to expand an accounting exception for construction contracts. Currently, home builders can use the "percentage of completion method" to report income gradually as they build, rather than waiting until a project is complete. The bill extends this same accounting treatment to residential construction projects like condominiums that are not single-family homes, though with a longer time period (3 years instead of 2 years). The bill also updates the alternative minimum tax provisions to include these expanded residential construction contracts. The changes apply to construction contracts entered into after the law is enacted.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Money behind the sponsor
Top reported contributors to Vern Buchanan’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- SELECT MEDICAL CORPORATION $43,200
- FLORIDA CRYSTALS $16,100
- DERICK DERMATOLOGY $13,200
- BLACKSTONE $8,100
- CASL $7,609
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Vern Buchanan → · Outside spending →
Actions (2)
- Apr 9, 2025 Referred to the House Committee on Ways and Means. · house
- Apr 9, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
April 9, 2025
Mr. Buchanan introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to provide an exception to percentage of completion method of accounting for certain residential construction contracts.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Fair Accounting for Condominium Construction Act”.
SEC. 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 “(in the case of a residential construction contract which is not a home construction contract, determined by substituting ‘3-year’ for ‘2- year’ in subparagraph (B)(i))” after “the requirements of clauses (i) and (ii) of subparagraph
(B) are not met”,
(2) in paragraph (5)(A), by striking “paragraph (4)” and inserting “paragraph (3)”, and
(3) by striking paragraph (4) and redesignating paragraph
(5) as paragraph (4).
(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. <all>
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