The Preserving Rural Housing Investments Act clarifies tax rules for government-sponsored housing enterprises, specifically Fannie Mae and Freddie Mac. The bill amends the Internal Revenue Code to exclude the federal government itself from being treated as a "tax-exempt entity" when determining control of these mortgage companies' stock for tax purposes. This change is designed to preserve rural housing investments by ensuring these government-sponsored enterprises can continue operating without certain tax restrictions that might limit their ability to invest in rural housing programs. The amendment applies to tax years ending after July 30, 2008, meaning it effectively clarifies rules that have been in place for years. The bill was introduced in August 2024 with bipartisan support from eight senators.
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