Fair Accounting for Condominium Construction Act

This bill amends the Internal Revenue Code to change how contractors account for tax purposes on certain residential construction projects. It specifically replaces "home construction contract" with "residential construction contract" and extends the allowed accounting period from 2 years to 3 years for non-single-family residential projects like condominiums. The change directly affects contractors building multi-unit residential properties, allowing them to spread income recognition over a longer timeframe for tax calculations. The amendment applies only to new contracts signed after the bill becomes law.