119 S1603 IS: Preserving Rural Housing Investments Act U.S. Senate 2025-05-06 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II119th CONGRESS1st SessionS. 1603IN THE SENATE OF THE UNITED STATESMay 6, 2025Mr. Moran (for himself, Mr. Young, Mr. Welch, and Mr. Warner) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to clarify the tax-exempt controlled entity rules with respect to certain stock of government-sponsored enterprises.

1.

Short title

This Act may be cited as the Preserving Rural Housing Investments Act.

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.