I
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 Mar-
keting 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 Corpora-
tion, 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 Representa-
tives 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 Asso-
ciation 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, in-
come, and real property, shall be subject to all taxation
imposed by any State, territory, possession, Common-
wealth, or dependency of the United States, or by the Dis-
trict of Columbia, or by any county, municipality, or local
taxing authority.’’.
(b) FEDERAL HOME LOAN MORTGAGE CORPORA-
TION.—Section 303(e) of the Federal Home Loan Mort-
gage 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, in-
come, and real property, shall be subject to all taxation
imposed by any State, territory, possession, Common-
wealth, or dependency of the United States, or by the Dis-
trict 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 secu-
rity holdings, income, and real property, shall be
subject to all taxation imposed by any State, terri-
tory, 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 Dis-
trict of Columbia of the activities of the Federal National
Mortgage Association, the Federal Home Loan Mortgage
Corporation, and the Student Loan Marketing Associa-
tion, and shall include in the study an analysis of the po-
tential 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 Gov-
ernmental Affairs of the Senate on the study conducted
under subsection (a).
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