Under US Internal Revenue Code 528, homeowners associations are exempt from taxes on income carried over, as long as
- at least 60 percent of gross income comes from membership assessments, and
- 90 percent of that income is spent on maintaining the association’s property.
1976—Pub. L. 94–455, title XXI, § 2101(a), Oct. 4, 1976, 90 Stat. 1897, added part heading and analysis for part VII.
§ 528. Certain homeowners associations