A bill to amend the Internal Revenue Code of 1954 to provide an exemption from income taxation for cooperative housing corporations, condominium housing associations, and certain homeowners' associations and to tax the unrelated business income of such organizations.

Provides, under the Internal Revenue Code, an exemption from income taxation for cooperative housing corporations, condominium housing associations, and homeowners' associations, if membership in such organization is limited to owners or occupants therein. Imposes a tax on unrelated business income of such organizations.