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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.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,
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1 SECTION 1. STATE AND LOCAL TAXATION OF CERTAIN

2 GOVERNMENT-SPONSORED ENTERPRISES.

3 (a) FEDERAL NATIONAL MORTGAGE ASSOCIATION.—

4 Section 309(c)(2) of the Federal National Mortgage Asso5 ciation Charter Act (12 U.S.C. 1723a(c)(2)) is amended

6 to read as follows:

7 ‘‘(2) The corporation, including its franchise, capital,

8 reserves, surplus, mortgages or other security holdings, in9 come, and real property, shall be subject to all taxation

10 imposed by any State, territory, possession, Common11 wealth, or dependency of the United States, or by the Dis12 trict of Columbia, or by any county, municipality, or local

13 taxing authority.’’.

14 (b) FEDERAL HOME LOAN MORTGAGE CORPORA15 TION.—Section 303(e) of the Federal Home Loan Mort16 gage Corporation Act (12 U.S.C. 1452(e)) is amended to

17 read as follows:

18 ‘‘(e) The Corporation, including its franchise, capital,

19 reserves, surplus, mortgages or other security holdings, in20 come, and real property, shall be subject to all taxation

21 imposed by any State, territory, possession, Common22 wealth, or dependency of the United States, or by the Dis23 trict of Columbia, or by any county, municipality, or local

24 taxing authority.’’.
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1 (c) STUDENT LOAN MARKETING ASSOCIATION.—

2 Section 439(b)(2) of the Higher Education Act of 1965

3 (20 U.S.C. 1087–2(b)(2)) is amended to read as follows:

4 ‘‘(2) APPLICATION OF STATE AND LOCAL

5 TAXES.—The Association, including its franchise,

6 capital, reserves, surplus, mortgages or other secu7 rity holdings, income, and real property, shall be

8 subject to all taxation imposed by any State, terri9 tory, possession, Commonwealth, or dependency of

10 the United States, or by the District of Columbia,

11 or by any county, municipality, or local taxing

12 authority.’’.

13 (d) EFFECTIVE DATE.—The amendments made by

14 this section shall apply to taxable years beginning with

15 1994.

16 SEC. 2. STUDY OF ECONOMIC IMPACT OF GOVERNMENT17 SPONSORED ENTERPRISES ON THE DISTRICT

18 OF COLUMBIA.

19 (a) STUDY.—The Mayor of the District of Columbia

20 shall conduct a study of the economic impact on the Dis21 trict of Columbia of the activities of the Federal National

22 Mortgage Association, the Federal Home Loan Mortgage

23 Corporation, and the Student Loan Marketing Associa24 tion, and shall include in the study an analysis of the po-
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1 tential effects on the revenues of the District of Columbia

2 of the amendments made by section 1.

3 (b) REPORT.—Not later than 90 days after the date

4 of the enactment of this Act, the Mayor shall submit a

5 report to the Committee on the District of Columbia of

6 the House of Representatives and the Committee on Gov7 ernmental Affairs of the Senate on the study conducted

8 under subsection (a).

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