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Tax Accounting Changes for Residential Construction

This bill modifies how companies building residential properties, including condominiums, account for their taxes. It aims to simplify rules for certain construction projects, potentially affecting the cost and availability of new housing.
Key points
The bill changes the definition from "home construction contract" to "residential construction contract" in tax laws.
It introduces an exception to the "percentage of completion method" for certain construction contracts, which could alter when developers pay taxes.
These changes apply to contracts entered into after the bill becomes law.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_4280
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2023-06-22
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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 118_HR_4280.

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 2023-06-22.

What are the main provisions?

Key points include:

  • The bill changes the definition from "home construction contract" to "residential construction contract" in tax laws.
  • It introduces an exception to the "percentage of completion method" for certain construction contracts, which could alter when developers pay taxes.
  • These changes apply to contracts entered into after the bill 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. Buchanan, Vern [R-FL-16].

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 2025-12-25.

CATEGORIES

Taxes Real Estate Economy