A bill to amend the Internal Revenue Code of 1954 to provide that a cooperative housing corporation, condominium management association, or residential real estate management association, shall not be taxed on the assessments, fees, charges, etc., paid to it by its members.

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.