A bill to amend the Internal Revenue Code of 1954 to provide that a cooperative housing corporation, condominium management association, or residential real estate management association, shall not be taxed on the assessments, fees, charges, etc., paid to it by its members.

Summary

Provides that a cooperative housing association shall be taxable in the same manner as a corporation under the Internal Revenue Code, except that income received from the following sources shall be tax-exempt: (1) tenant-shareholder in the case of a cooperative housing association; (2) owners of condominium housing units in the case of a condominium management association; or (3) owners of real property in the case of a residential real estate management association.

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1 official file

• Introduced in House

  summary · EN · 6 March 1975

  Open at official source

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