Preserving Rural Housing Investments Act

This bill amends the tax code to clarify that the U.S. government and its agencies are excluded from the definition of "tax-exempt entity" when applying certain rules to stock held by government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac. It directly affects how these GSEs manage their investments by preventing the federal government from being counted as a tax-exempt entity under specific provisions. The key change ensures that the tax-exempt status rules do not apply to U.S. government holdings in GSE stock, clarifying the legal framework for these financial institutions. This is a technical tax clarification with no direct provisions for rural housing programs, despite the bill's title.