Loading chat...

US SB1603

Bill

Official Source

Status

Introduced

5/6/2025

Primary Sponsor

Jerry Moran

Click for details

Origin

Senate

119th Congress

AI Summary

  • Amends Section 168(h)(6)(F)(iii)(I) of the Internal Revenue Code of 1986 to clarify tax-exempt controlled entity rules for government-sponsored enterprises
  • Excludes the United States and its agencies or instrumentalities from being classified as "tax-exempt entities" when applying rules to Freddie Mac (Federal Home Loan Mortgage Corporation) and Fannie Mae (Federal National Mortgage Association)
  • Addresses the treatment of certain stock ownership in these government-sponsored enterprises for tax depreciation purposes
  • Applies retroactively to taxable years ending after July 30, 2008
  • Introduced with bipartisan sponsorship by Senators Moran, Young, Welch, and Warner; referred to the Senate Committee on Finance

Legislative Description

Preserving Rural Housing Investments Act

Taxation

Last Action

Read twice and referred to the Committee on Finance.

5/6/2025

Committee Referrals

Finance5/6/2025

Full Bill Text

No bill text available