[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1603 Introduced in Senate (IS)]

<DOC>






119th CONGRESS
  1st Session
                                S. 1603

 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.


_______________________________________________________________________


                   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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preserving Rural Housing Investments 
Act''.

SEC. 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.
                                 <all>