This bill, titled the "Fair Accounting for Condominium Construction Act," amends the Internal Revenue Code to modify accounting rules for certain construction projects. It expands an existing exception to the percentage of completion method of accounting by redefining "home construction contract" as the broader "residential construction contract." The legislation also adjusts the look-back period from two years to three years for residential contracts that are not traditional home construction contracts. Furthermore, it updates related provisions concerning the Alternative Minimum Tax to reflect this new definition. These changes apply to contracts entered into after the bill's enactment, aiming to provide different tax accounting treatment for a wider range of residential construction.