Preserving Rural Housing Investments Act

The Preserving Rural Housing Investments Act clarifies tax rules for Fannie Mae and Freddie Mac by amending the Internal Revenue Code. It specifies that the U.S. government and its agencies are excluded from the definition of "tax-exempt entity" when applying certain tax provisions to these two government-sponsored enterprises. This change ensures that federal entities are not treated as tax-exempt under the relevant tax rules, affecting how Fannie Mae and Freddie Mac manage their tax obligations. The amendment applies to taxable years ending after July 30, 2008.