To amend the Internal Revenue Code of 1986 to provide that the percentage of completion method of accounting…

Full title

To amend the Internal Revenue Code of 1986 to provide that the percentage of completion method of accounting shall be required to be used with respect to contracts for the manufacture of property if no payments are required to be made before the completion of the manufacture of such property.

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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R EhlersSponsor

No cosponsors.

What it does: CRS summary · Introduced in House · Jan 7, 2003

Amends the rules of the Internal Revenue Code concerning the required use of the percentage completion method of accounting for long-term contracts (Section 460) with respect to the special rule for manufacturing contracts to revise such special rule to require that a contract for the manufacture of property shall not be treated as a long-term contract unless: (1) such contract involves the manufacture of any unique item of a type which is not normally included in the finished goods inventory of the taxpayer or any item which normally requires more than 12 calendar months to complete (without regard to the period of the contract); and (2) any payment for the manufacture of such item is required to be made before the manufacture of such item is completed.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: To amend the Internal Revenue Code of 1986 to provide that the percentage of completion method of accounting shall be required to be used with respect to contracts for the manufacture of property if no payments are required to be made before the completion of the manufacture of such property.

Latest action (Jan 7, 2003): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Jan 7, 2003

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.