The National Association of REALTORS® hailed the U.S. Senate’s passage of President Trump’s One Big Beautiful Bill Act, claiming the spending legislation making the 2017 tax cuts permanent contains “major wins” for real estate. 

The Senate legislation, which must be reconciled with its counterpart in the House of Representatives before being signed into law by Trump, contains five key NAR priorities, according to the association: 

• A permanent extension of lower individual tax rates. 

• An enhanced and permanent qualified business-income deduction. 

• A temporary, five-year quadrupling of the state and local tax (SALT) deduction cap beginning in 2025. 

• Protection for business SALT deductions and 1031 like-kind exchanges. 

• A permanent extension of the mortgage-interest deduction. 

“These provisions form the backbone of the real estate economy — from supporting first-time and first-generation buyers to strengthening investment in housing supply and protecting existing homeowners,” NAR Executive Vice President and Chief Advocacy Officer Shannon McGahn said in a press release.  

NAR highlighted what it deems to be other pro-real estate provisions in the legislation, which also cuts almost $1 trillion from Medicaid, eliminates taxes on tips and overtime and boosts spending on immigration enforcement. These include: 

• Increasing the child tax credit to $2,200. 

• Making permanent the estate and gift tax threshold at $15 million. 

• Provisions from the LIHTC Improvement Act supporting affordable housing. 

• Revised incentives for Opportunity Zones. 

• Restoration of certain business provisions, including R&D expensing, bonus depreciation and fixes to the interest-expense deduction limit. 

• Expensing for certain industrial structures. 

“We’ve worked for months to educate Congress through original NAR research, analysis and polling to demonstrate the value and broad support for the many real estate provisions in this bill,” McGahn said. “Congressional leaders were receptive to our message. Our team had many conversations with lawmakers, and they thanked us for our public support and for providing the data they needed to support these provisions.”