H.R. 4280 · 118th Congress
Fair Accounting for Condominium Construction Act
- Stage
- In committee
- Sponsor
- Vern Buchanan
- Introduced
- 2023-06-22
- Latest action
- 2023-06-22 · Introduced in House
Summary
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.