To amend the Internal Revenue Code of 1986 to modify the construction contract exception to the percentage of completion method for determining income under long-term contracts.
About This Bill
Committee
Latest Action · October 17, 2005
Referred to the House Committee on Ways and Means.
Amends the Internal Revenue Code to revise requirements relating to the exemption for construction contracts from the percentage of completion method for determining income under long-term contracts. Extends the estimated completion time for such contracts from two to three years and increases the gross receipts eligibility limitation from $10 million to $25 million.
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