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Tax relief for residential and condominium construction

This act changes how taxes are accounted for by companies building residential properties and condominiums. This allows certain construction projects to use simplified accounting rules, potentially affecting the cost and availability of new homes. The changes apply to contracts entered into after the act's enactment.
Key points
Simplifies tax accounting rules for companies building residential and condominium properties.
Potentially lowers construction costs, which could impact housing prices.
Applies to new construction contracts signed after the act becomes law.
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Expired
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Additional Information
Print number: 117_HR_4061
Sponsor: Rep. Pascrell, Bill, Jr. [D-NJ-9]
Process start date: 2021-06-22
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Fair Accounting for Condominium Construction Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4061.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-06-22.

What are the main provisions?

Key points include:

  • Simplifies tax accounting rules for companies building residential and condominium properties.
  • Potentially lowers construction costs, which could impact housing prices.
  • Applies to new construction contracts signed after the act becomes law.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Pascrell, Bill, Jr. [D-NJ-9].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Real Estate Economy