Preserving Rural Housing Investments Act

Bill: 119-s-1603
Sponsor: full_name: Sen. Moran, Jerry [R-KS]
Introduced: 2025-05-06
Policy area: Taxation
Latest action: action_date: 2025-05-06
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 119th CONGRESS 1st Session S. 1603 IN THE SENATE OF THE UNITED STATES May 6, 2025 Mr. Moran (for himself, Mr. Young , Mr. Welch , and Mr. Warner ) 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.