Bill Sponsor
BILLSPONSOR
Bill Sponsor
Politicians
Bills
Senate Bill 1687
119th Congress(2025-2026)
Fair Accounting for Condominium Construction Act
Introduced
Introduced
Introduced in Senate on May 8, 2025
Overview
Text
Introduced in Senate 
May 8, 2025
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Introduced in Senate(May 8, 2025)
May 8, 2025
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Jump To
S. 1687 (Introduced-in-Senate)


119th CONGRESS
1st Session
S. 1687


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

IN THE SENATE OF THE UNITED STATES

May 8, 2025

Mr. Young introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

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

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Fair Accounting for Condominium Construction Act”.

SEC. 2. Exception to percentage of completion method of accounting for certain residential construction contracts.

(a) In general.—Section 460(e) of the Internal Revenue Code of 1986 is amended—

(1) in paragraph (1)—

(A) by striking “home construction contract” both places it appears and inserting “residential construction contract”, and

(B) by inserting “(determined by substituting ‘3-year’ for ‘2-year’ in subparagraph (B)(i) for any residential construction contract which is not a home construction contract)” after “the requirements of clauses (i) and (ii) of subparagraph (B)”,

(2) by striking paragraph (4) and redesignating paragraph (5) as paragraph (4), and

(3) in subparagraph (A) of paragraph (4), as so redesignated, by striking “paragraph (4)” and inserting “paragraph (3)”.

(b) Application of exception for purposes of alternative minimum tax.—Section 56(a)(3) of such Code is amended by striking “any home construction contract (as defined in section 460(e)(6))” and inserting “any residential construction contract (as defined in section 460(e)(4))”.

(c) Effective date.—The amendments made by this section shall apply to contracts entered into after the date of the enactment of this Act.