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 an exemption from income taxation under the Internal Revenue Code for cooperative housing corporations, condominium housing associations, and qualified homeowners associations in the case where membership is limited to the property owners and members are not entitled to any distributions except upon liquidation of such corporation or association. Places a tax on related business income of such organizations.