[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3696 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 3696

To subject the income of the Federal National Mortgage Association, the 
Federal Home Loan Mortgage Corporation, and the Student Loan Marketing 
Association to taxation by State and local governments, and to require 
the Mayor of the District of Columbia to submit a report to Congress on 
   the economic impact of such entities on the District of Columbia.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 22, 1993

Mr. Stark introduced the following bill; which was referred jointly to 
  the Committees on Banking, Finance and Urban Affairs, Education and 
                  Labor, and the District of Columbia

_______________________________________________________________________

                                 A BILL


 
To subject the income of the Federal National Mortgage Association, the 
Federal Home Loan Mortgage Corporation, and the Student Loan Marketing 
Association to taxation by State and local governments, and to require 
the Mayor of the District of Columbia to submit a report to Congress on 
   the economic impact of such entities on the District of Columbia.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. STATE AND LOCAL TAXATION OF CERTAIN GOVERNMENT-SPONSORED 
              ENTERPRISES.

    (a) Federal National Mortgage Association.--Section 309(c)(2) of 
the Federal National Mortgage Association Charter Act (12 U.S.C. 
1723a(c)(2)) is amended to read as follows:
    ``(2) The corporation, including its franchise, capital, reserves, 
surplus, mortgages or other security holdings, income, and real 
property, shall be subject to all taxation imposed by any State, 
territory, possession, Commonwealth, or dependency of the United 
States, or by the District of Columbia, or by any county, municipality, 
or local taxing authority.''.
    (b) Federal Home Loan Mortgage Corporation.--Section 303(e) of the 
Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(e)) is 
amended to read as follows:
    ``(e) The Corporation, including its franchise, capital, reserves, 
surplus, mortgages or other security holdings, income, and real 
property, shall be subject to all taxation imposed by any State, 
territory, possession, Commonwealth, or dependency of the United 
States, or by the District of Columbia, or by any county, municipality, 
or local taxing authority.''.
    (c) Student Loan Marketing Association.--Section 439(b)(2) of the 
Higher Education Act of 1965 (20 U.S.C. 1087-2(b)(2)) is amended to 
read as follows:
            ``(2) Application of state and local taxes.--The 
        Association, including its franchise, capital, reserves, 
        surplus, mortgages or other security holdings, income, and real 
        property, shall be subject to all taxation imposed by any 
        State, territory, possession, Commonwealth, or dependency of 
        the United States, or by the District of Columbia, or by any 
        county, municipality, or local taxing authority.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning with 1994.

SEC. 2. STUDY OF ECONOMIC IMPACT OF GOVERNMENT-SPONSORED ENTERPRISES ON 
              THE DISTRICT OF COLUMBIA.

    (a) Study.--The Mayor of the District of Columbia shall conduct a 
study of the economic impact on the District of Columbia of the 
activities of the Federal National Mortgage Association, the Federal 
Home Loan Mortgage Corporation, and the Student Loan Marketing 
Association, and shall include in the study an analysis of the 
potential effects on the revenues of the District of Columbia of the 
amendments made by section 1.
    (b) Report.--Not later than 90 days after the date of the enactment 
of this Act, the Mayor shall submit a report to the Committee on the 
District of Columbia of the House of Representatives and the Committee 
on Governmental Affairs of the Senate on the study conducted under 
subsection (a).

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