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Tax Accounting Changes for Residential Construction: New Rules for Developers.

This act modifies how companies building residential properties account for their projects for tax purposes. It aims to simplify accounting for developers, potentially influencing the availability and pricing of new homes. These changes apply to contracts entered into after the act's enactment.
Key points
The act introduces new tax accounting rules for companies involved in residential construction, including condominiums.
It amends the definition and application of the percentage of completion method, potentially simplifying bookkeeping for certain construction projects.
These changes apply to construction contracts signed after the act becomes law.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_2759
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2025-04-09
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Summarized by: gemini-2.5-flash
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 119_HR_2759.

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 2025-04-09.

What are the main provisions?

Key points include:

  • The act introduces new tax accounting rules for companies involved in residential construction, including condominiums.
  • It amends the definition and application of the percentage of completion method, potentially simplifying bookkeeping for certain construction projects.
  • These changes apply to construction contracts signed after the act becomes law.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

CATEGORIES

Taxes Real Estate