A bill to provide tax relief for condominium owners and homeowners' associations.

Provides an exclusion from income taxation under the Internal Revenue Code for corporations, organizations, and associations, not organized for profit, the membership of which is comprised solely of the owners of residential units in a condominium or housing development. Specifies other criteria to be met prior to eligibility for such exclusion. (Amends 26 U.S.C. 501(c))