S 1603
Preserving Rural Housing Investments Act
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Bill overview
This bill, the Preserving Rural Housing Investments Act, clarifies how the tax rules for investments in government-sponsored enterprises (GSEs) apply. Specifically, it modifies a section of the Internal Revenue Code to ensure that the United States and its agencies are not considered ‘tax-exempt entities’ when evaluating investments in the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal National Mortgage Association (FNMA). This change aims to maintain the tax benefits associated with investments in these GSEs, which are crucial for supporting rural housing initiatives. The bill takes effect on August 1, 2008.
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