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Accounting Changes for Residential Construction Contracts

The bill amends the Internal Revenue Code of 1986 to provide an exception to the percentage of completion method of accounting for certain residential construction contracts. It specifically modifies the requirements for residential contracts that are not home construction contracts by altering the time duration criteria.
Key points
Establishes an exception to the percentage of completion accounting method for certain residential construction contracts.
Extends the estimated contract completion requirement from 2 years to 3 years for qualifying residential contracts (that are not home construction contracts).
The amendments apply to contracts entered into after the date of the enactment of the Act.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_1687
Sponsor: Sen. Young, Todd [R-IN]
Process start date: 2025-05-08
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Summarized by: gemini-3-pro-preview
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_S_1687.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-05-08.

What are the main provisions?

Key points include:

  • Establishes an exception to the percentage of completion accounting method for certain residential construction contracts.
  • Extends the estimated contract completion requirement from 2 years to 3 years for qualifying residential contracts (that are not home construction contracts).
  • The amendments apply to contracts entered into after the date of the enactment of the Act.
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 Sen. Young, Todd [R-IN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-31.

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