Preserving Rural Housing Investments Act
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Summary
This bill amends the Internal Revenue Code to clarify tax treatment rules for stock held by tax-exempt entities in government-sponsored mortgage enterprises (Fannie Mae and Freddie Mac). Specifically, it excludes the federal government and its agencies from the definition of 'tax-exempt entity' when applying depreciation rules to certain property financed through these enterprises. The amendment applies retroactively to taxable years ending after July 30, 2008.
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