Fair Accounting for Condominium Construction Act This bill exempts certain residential construction contracts from the requirement to use the percentage of completion method of accounting. The percentage of completion method is a tax accounting method in which the revenues and expenses of long-term contracts are recognized as a percentage of the work completed in a particular period.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Accounting and auditingContracts and agencyHousing industry and standardsTax administration and collection, taxpayers
Fair Accounting for Condominium Construction Act
USA117th CongressHR-4061| House
| Updated: 6/22/2021
Fair Accounting for Condominium Construction Act This bill exempts certain residential construction contracts from the requirement to use the percentage of completion method of accounting. The percentage of completion method is a tax accounting method in which the revenues and expenses of long-term contracts are recognized as a percentage of the work completed in a particular period.