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H.R. 2759

U.S. House•In House Committee

Summary

H.R. 2759, the Fair Accounting for Condominium Construction Act, was introduced in the House on Apr 9, 2025 by Rep. Vern Buchanan (R). It was referred to Ways And Means, and last saw action on Apr 9, 2025: Referred to the House Committee on Ways and Means.

Record

Text

H.R. 2759 has no co-sponsors and has not gone to a roll call.

hb2759/introduced-in-house.txt
119 HR 2759 IH: Fair Accounting for Condominium Construction Act
 U.S. House of Representatives
 2025-04-09
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 2759  IN THE HOUSE OF REPRESENTATIVES   April 9, 2025   Mr. Buchanan  introduced the following bill; which was referred to the  Committee on Ways and Means    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.
1.
Short title
This Act may be cited as the   Fair Accounting for Condominium Construction Act  .
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  (in the case of a residential construction contract which is not a home construction contract, determined by substituting  3-year  for  2-year  in subparagraph (B)(i))  after  the requirements of clauses (i) and (ii) of subparagraph (B) are not met ,
(2)
in paragraph (5)(A), by striking  paragraph (4)  and inserting  paragraph (3) , and
(3)
by striking paragraph (4) and redesignating paragraph (5) as paragraph (4).
(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.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-04-09
  2. Passed House
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

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

Sponsors

Rep. Vern Buchanan (R) sponsors H.R. 2759 alone.

Committees

H.R. 2759 went before 1 committee: Ways and Means.

Ways and Means
Ways and Means
Referred To · Apr 9, 2025 · 1,160 Bills

Actions

H.R. 2759 has taken 2 actions since Apr 9, 2025.

ChamberAction
Apr 9, 2025
House
Introduced in House
Apr 9, 2025
House
Referred to the House Committee on Ways and Means.Ways and Means Committee

Votes

H.R. 2759 has not gone to a roll call.

1 bill is related to H.R. 2759.

Titles

H.R. 2759 goes by 3 titles, 1 of them short titles.

  • Fair Accounting for Condominium Construction Act — Display Title
  • Fair Accounting for Condominium Construction Act — Short Title(s) as Introduced
  • To amend the Internal Revenue Code of 1986 to provide an exception to percentage of completion method of accounting for certain residential construction contracts. — Official Title as Introduced

Classification

The Congressional Research Service files H.R. 2759 under Taxation, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 2759’s is Taxation.

hr2759/policy-areas.txt
TaxationAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTransportation and Public WorksWater Resources Development

Source: congress.gov · legiscan.com