HB4280: Fair Accounting for Condominium Construction Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To amend the Internal Revenue Code of 1986 to provide an exception to percentage of completion method of accounting for certain residential construction contracts.
Plain-language summary
This bill would change how certain condominium construction companies report income for tax purposes. Currently, federal tax law requires long-term construction contracts to use the percentage of completion method, which reports income as work progresses. This bill would allow residential condominium construction contracts to use a different method instead. The bill is sponsored by Representatives Vern Buchanan and Bill Pascrell and has been introduced in Congress.
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HB4280: Fair Accounting for Condominium Construction Act