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 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.