A bill to amend the Internal Revenue Code of 1954 to exempt cooperative housing corporations, condominium management associations, and residential real estate management associations from taxation on certain types of income.

[AI summary unavailable — showing source text] 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…