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US SB1687

Bill

Official Source

Status

Introduced

5/8/2025

Primary Sponsor

Todd Young

Click for details

Origin

Senate

119th Congress

AI Summary

  • Amends Internal Revenue Code Section 460(e) to expand the exception from percentage-of-completion accounting from "home construction contracts" to broader "residential construction contracts," including condominiums
  • Extends the contract duration threshold from 2 years to 3 years for residential construction contracts that are not single-family home contracts
  • Applies the same residential construction contract exception to alternative minimum tax calculations under Section 56(a)(3)
  • Applies to contracts entered into after the date of enactment

Legislative Description

Fair Accounting for Condominium Construction Act

Taxation

Last Action

Read twice and referred to the Committee on Finance.

5/8/2025

Committee Referrals

Finance5/8/2025

Full Bill Text

No bill text available