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Fair Accounting for Condominium Construction Act

USA117th CongressHR-4061| House 
| Updated: 6/22/2021
Bill Pascrell

Bill Pascrell

Democratic Representative

New Jersey

Cosponsors (1)
Vern Buchanan (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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
Jun 22, 2021
Introduced in House
Jun 22, 2021
Referred to the House Committee on Ways and Means.
  • June 22, 2021
    Introduced in House


  • June 22, 2021
    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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jun 22, 2021
Introduced in House
Jun 22, 2021
Referred to the House Committee on Ways and Means.
  • June 22, 2021
    Introduced in House


  • June 22, 2021
    Referred to the House Committee on Ways and Means.
Bill Pascrell

Bill Pascrell

Democratic Representative

New Jersey

Cosponsors (1)
Vern Buchanan (Republican)

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Accounting and auditingContracts and agencyHousing industry and standardsTax administration and collection, taxpayers