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Preserving Rural Housing Investments Act
To amend the Internal Revenue Code of 1986 to clarify the tax-exempt controlled entity rules with respect to certain stock of government- sponsored enterprises.
Summary
This bill clarifies how the federal tax code applies to investments in stock of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation). Specifically, it specifies that the U.S. government and its agencies should not be treated as tax-exempt entities for purposes of certain depreciation and tax deduction rules related to these government-sponsored enterprises. The amendment applies retroactively to taxable years ending after July 30, 2008.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Moran, Jerry [R-KS] (R-KS)
3 cosponsors
- Sen. Warner, Mark R. [D-VA] (D-VA)
- Sen. Welch, Peter [D-VT] (D-VT)
- Sen. Young, Todd [R-IN] (R-IN)
Actions (2)
- May 6, 2025 Read twice and referred to the Committee on Finance. · senate
- May 6, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
May 6, 2025
Mr. Moran (for himself, Mr. Young, Mr. Welch, and Mr. Warner) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to clarify the tax-exempt controlled entity rules with respect to certain stock of government- sponsored enterprises.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Preserving Rural Housing Investments Act”.
SEC. 2. CLARIFICATION OF TAX-EXEMPT CONTROLLED ENTITY RULES WITH RESPECT TO CERTAIN STOCK OF GOVERNMENT-SPONSORED ENTERPRISES.
(a) In General.—Section 168(h)(6)(F)(iii)(I) of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: “For purposes of applying the preceding sentence to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association, the term ‘tax-exempt entity’ shall not include the United States or any agency or instrumentality of the United States.”.
(b) Effective Date.—The amendment made by this section shall apply to taxable years ending after July 30, 2008. <all>
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