The Preserving Rural Housing Investments Act clarifies tax rules for government-sponsored mortgage companies Fannie Mae and Freddie Mac by specifying that federal agencies cannot be treated as "tax-exempt entities" for certain tax code purposes. The bill affects how these mortgage giants are taxed when they hold stock or engage in transactions, potentially allowing them to operate more efficiently. The legislation is sponsored by a bipartisan group of senators and applies retroactively to tax years ending after July 30, 2008, though no specific new funding is appropriated in the text. By clarifying these technical tax rules, the bill aims to preserve investment in rural housing markets by these federally-backed mortgage companies.
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