Preserving Rural Housing Investments Act clarifies tax rules for government-sponsored enterprises.
The Preserving Rural Housing Investments Act amends the Internal Revenue Code to clarify the tax-exempt controlled entity rules for certain stock of government-sponsored enterprises. Specifically, it excludes the United States and any agency or instrumentality of the United States from the term "tax-exempt entity" when applying these rules to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. This change applies to taxable years ending after July 30, 2008.
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