S.1687

Fair Accounting for Condominium Construction Act amends the Internal Revenue Code to change accounting methods for certain residential construction.

The Fair Accounting for Condominium Construction Act amends the Internal Revenue Code to modify the percentage of completion method of accounting for certain residential construction contracts. It replaces references to "home construction contract" with "residential construction contract" and adjusts the time frame for certain contracts from two years to three years. These changes apply to contracts entered into after the enactment of this Act.