,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #cfei  ,,in ,,the ,,house ,,of  
,,representatives  ,august #ah1         
#bjag,mr4 ,curbelo of ,florida 7for     
himself and ,mr4 ,crowley7 introduced   
the following bill2 which was referred  
to the ,committee on ,ways and ,means   
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf to provide an   
exception to percentage of completion   
method of accounting for certain        
residential construction contracts4  #a4
 ,short title ,this ,act may be cited as
 the ,fair ,accounting for ,condominium 
,construction ,act4  #b4 ,exception to  
percentage of completion method of      
accounting for certain residential      
construction contracts  7a7 ,in general 
,subsection 7e7 of section #dfj of the  
,internal ,revenue ,code of #aihf is    
amended--  7#a7 in paragraph 7#a7-- 7,a7
 by striking home construction contract 
both places it appears and inserting    
residential construction contract2 and  
7,b7 by inserting 7in the case of a     

residential construction contract which 
is not a home construction contract1    
determined by substituting #e-year for  
#b-year in subparagraph 7,b77i77 after  
the requirements of clauses 7i7 and 7ii7
 of subparagraph 7,b7 are not met2 and  
7#b7 by striking paragraph 7#e7 and     
redesignating paragraph 7#f7 as         
paragraph 7#e74  7b7 ,application of    
exception for purposes of alternative   
minimum tax ,section #ef7;a77#c7 of such
 ,code is amended by striking any home  
construction contract 7as defined in    
section #dfj7;e77#f77 and inserting any 
residential construction contract 7as   
defined in section #dfj7;e77#e774  7c7  
,effective date ,the amendments made by 
this section shall apply to contracts   
entered into after the date of the      
enactment of this ,act4