109 HR 4058 IH: 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. U.S. House of Representatives 2005-10-17 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 1st Session H. R. 4058 IN THE HOUSE OF REPRESENTATIVES October 17, 2005 Mr. Weller introduced the following bill; which was referred to the Committee on Ways and Means A BILL 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.

1.

Modifications of construction contract exception to percentage of completion method for determining income under long-term contracts

(a)

Extension of completion period

Clause (i) of section 460(e)(1)(B) of the Internal Revenue Code of 1986 (relating to general exception for certain construction contracts) is amended by striking 2-year and inserting 3-year. (b)

Increase in size of business

Clause (ii) of section 460(e)(1)(B) of such Code is amended by striking $10,000,000 and inserting $25,000,000. (c)

Effective date

The amendments made by this section shall apply to contracts entered into on or after the date of the enactment of this Act.