,,ii  #aaith ,,congress  #ast ,session  
,s4 #afhg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #h1 #bjbe 
,mr4 ,young introduced the following    
bill2 which was read twice and referred 
to the ,committee on ,finance  ,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
  ,section #dfj7;e7 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 contract1 and  
7,b7 by inserting 7determined by        
substituting #c-year for #b-year in     

subparagraph 7,b77i7 for any residential
 construction contract which is not a   
home construction contract7 after the   
requirements of clauses 7i7 and 7ii7 of 
subparagraph 7,b71  7#b7 by striking    
paragraph 7#d7 and redesignating        
paragraph 7#e7 as paragraph 7#d71 and   
7#c7 in subparagraph 7,a7 of paragraph  
7#d71 as so redesignated1 by striking   
paragraph 7#d7 and inserting paragraph  
7#c74  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#d774  7c7  
,effective date  ,the amendments made by
 this section shall apply to contracts  
entered into after the date of the      
enactment of this ,act4