118th Congress · HOUSE BILLBILL

H.R. 4280 — Fair Accounting for Condominium Construction Act

“To amend the Internal Revenue Code of 1986 to provide an exception to percentage of completion method of accounting for certain residential construction contracts.”

Taxation

Introduced Jun 22, 2023

Last action Jun 22, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jun 22, 2023

Step 2

Referred

Jun 22, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Jun 22, 2023

Introduced in House

Jun 22, 2023

Referred to the House Committee on Ways and Means.