Preserving Rural Housing Investments Act

Bill: 118-s-4933
Sponsor: full_name: Sen. Moran, Jerry [R-KS]
Introduced: 2024-08-01
Policy area: Taxation
Latest action: action_date: 2024-08-01
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4933 IN THE SENATE OF THE UNITED STATES August 1, 2024 Mr. Moran (for himself, Mr. Warner , Mrs. Capito , Mr. King , Mr. Welch , Mrs. Shaheen , Mr. Brown , and Mr. Young ) 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.

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.