T
he National Association of Realtors (NAR) has welcomed a new draft tax reform bill from the House Ways and Means Committee, citing key provisions that would benefit the real estate industry. The association's chief advocacy officer, Shannon McGahn, called the bill a "strong opening bid" that aligns with NAR's long-standing priorities on housing affordability and small business support.

    The proposed legislation includes several significant wins for the real estate sector, including:

    * Permanent lower individual tax rates

    * Enhanced small business tax deduction

    * Expanded state and local tax (SALT) deduction

    * Protection for the mortgage interest deduction (MID)

    * Increased child tax credit

    NAR says these elements could improve housing affordability and support access to homeownership, particularly for middle-income families. The association is prioritizing the expansion of the SALT deduction, which has public support, with 61% of voters supporting increasing or eliminating SALT caps.

    The bill also includes pro-growth policies such as a renewal of the opportunity zones program with new incentives and provisions to support affordable housing development through the low-income housing tax credit. While NAR welcomes the initial draft, it remains an early step in the legislative process, and the association will continue to engage with congressional leaders to ensure real estate priorities are protected.