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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
This bill amends the Internal Revenue Code to modify accounting rules for residential construction contracts. It expands the exception to the percentage of completion method of accounting by changing the definition from "home construction contract" to "residential construction contract" and extending the lookback period from two years to three years for certain non-home residential construction contracts. The bill also updates corresponding provisions in the alternative minimum tax rules. The changes apply to contracts entered into after the date of enactment.
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)
- Sen. Young, Todd [R-IN] (R-IN)
Actions (2)
- May 8, 2025 Read twice and referred to the Committee on Finance. · senate
- May 8, 2025 Introduced in Senate
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.
Full text
IN THE SENATE OF THE UNITED STATES
May 8, 2025
Mr. Young introduced the following bill; which was read twice and referred to the Committee on Finance
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 “(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. <all>
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