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.

Provides an exemption from income taxation under the Internal Revenue Code of 1954 for cooperative housing corporations and condominium housing associations in the case where: (1) membership is limited to the property owners; (2) members are not entitled to any distributions except upon liquidation of such corporation or association, and (3) 80 percent of the gross income of the association is derived from its members.