,,ii  #aaith ,,congress  #ast ,session  
,s4 #afjc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #f1       
#bjbe,mr4 ,moran 7for himself1 ,mr4     
,young1 ,mr4 ,welch1 and ,mr4 ,warner7  
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,finance  ,a ,,bill  ,to  
amend the ,internal ,revenue ,code of   
#aihf to clarify the tax-exempt         
controlled entity rules with respect to 
certain stock of government-sponsored   
enterprises4  #a4 ,short title ,this    
,act may be cited as the ,preserving    
,rural ,housing ,investments ,act4  #b4 
,clarification of tax-exempt controlled 
entity rules with respect to certain    
stock of government-sponsored           
enterprises  7a7 ,in general ,section   
#afh7;h77#f77;,f77iii77,i7 of the       
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new sentence3 ,for purposes of
 applying the preceding sentence to the 
,federal ,home ,loan ,mortgage          

,corporation and the ,federal ,national 
,mortgage ,association1 the term        
tax-exempt entity shall not include the 
,united ,states or any agency or        
instrumentality of the ,united ,states44
  7b7 ,effective date ,the amendment    
made by this section shall apply to     
taxable years ending after ,july #cj1   
#bjjh4