A bill to amend the Internal Revenue Code of 1954 to provide an exemption from income taxation for 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 non-profit condominium housing associations and homeowners' associations to the extent that the income does not inure to the benefit of any particular member and is not derived from business purposes unrelated to the preservation, maintenance, and management of the common areas and facilities owned by such organization.