The bill changes federal tax accounting rules for certain residential construction contracts. It would extend an exception to the percentage-of-completion accounting method beyond home construction contracts. For residential construction contracts that are not home construction contracts, it applies a three-year period instead of the current two-year period in a specified eligibility test. The changes would apply to contracts entered into after the bill becomes law.
The changes concern tax accounting for businesses with qualifying residential construction contracts. The text does not explain how many contracts or businesses would qualify.
The bill does not specify government or taxpayer costs.
No publicly available information.
No publicly available information.