This tax bill would be a massive win for condo developers, if it ever makes a vote

A stalled bill in the House of Representatives would grant luxury condominium developers the same tax benefits homebuilders already receive, saving them millions during construction. The “Fair Accounting in Condominium Construction Act,” introduced last summer by Miami Republican Carlos Curbelo and co-sponsored by Queens Democrat Joe Crowley, would allow condo developers to defer income tax on condo unit sales until they’ve finished building. It’s a tale of two tax accounting methods that stretches back decades. […]


Source: Real Estate

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