HOUSE 4061117th CongressReferred to the House Committee on Ways and Means.
Fair Accounting for Condominium Construction Act
- Last Action
- 6/22/2021
CRS Summary
As of 2021-06-22 (00)
Fair Accounting for Condominium Construction Act
This bill exempts certain residential construction contracts from the requirement to use the percentage of completion method of accounting. The percentage of completion method is a tax accounting method in which the revenues and expenses of long-term contracts are recognized as a percentage of the work completed in a particular period.
Subjects
- Accounting and auditing
- Contracts and agency
- Housing industry and standards
- Tax administration and collection, taxpayers
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