A bill to amend the Internal Revenue Code of 1954 to provide an exemption from income taxation for cooperative housing corporations and condominium housing associations.

[AI summary unavailable — showing source text] Provides an exemption from income taxation under the Internal Revenue Code for cooperative housing corporations and condominium housing organizations if; (1) membership in such owners of units within the project; (2) such owners are entitled to receive distributions from the organization only upon its liquidation; and (3) 80 percent or more of the gross income of the organization represents payments received from owners of units in the project.…