Fair Accounting for Condominium Construction Act

This bill amends tax accounting rules to create a specific exception for condominium construction projects. It changes the Internal Revenue Code to allow developers of residential construction contracts (like condominiums) to use a 3-year timeline instead of the standard 2-year timeline for certain accounting methods. The change directly affects residential construction developers, particularly those building condominiums rather than single-family homes. The new rules apply only to contracts entered into after the bill's enactment date.