Preserving Rural Housing Investments Act

This bill clarifies tax rules for government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac. It amends the tax code to specify that the U.S. government or its agencies are not considered "tax-exempt entities" when applying certain rules to these GSEs' stock. The change affects how Fannie Mae and Freddie Mac are treated under tax law but does not create new housing programs or directly impact rural housing investments. The title "Preserving Rural Housing Investments" is misleading, as the bill addresses only a narrow tax clarification with no direct policy changes for housing. The amendment applies to taxable years ending after July 30, 2008.