T
he Senate's passage of President Donald Trump's tax bill, known as the One Big Beautiful Bill Act, marks a significant victory for housing leaders. The legislation, which passed in a 51-50 vote with Vice President JD Vance breaking the tie, includes several key priorities for the National Association of Realtors (NAR) and other industry groups.
The NAR hailed the bill's advancement as a testament to the administration and Congress respecting the voice of its members. "We are an army of advocates living and working in every ZIP code in America with a unique insight into the state of the economy," said Shannon McGahn, NAR's EVP and chief advocacy officer.
Among the housing wins included in the Senate bill are:
* Permanently extending lower individual tax rates
* A new and permanent version of the qualified business income deduction
* Quadrupling the SALT deduction cap for five years
* Business SALT deduction protections
* Permanently extending the mortgage interest deduction
The National Association of Home Builders (NAHB) also praised the bill, highlighting its inclusion of an increase to the estate tax exemption and the expansion of the Low-Income Housing Tax Credit. However, NAHB expressed disappointment that some energy tax credits will be terminated.
The Mortgage Bankers Association (MBA) welcomed the updated bill, which maintains and enhances numerous pro-housing and economic development tax provisions. The MBA's priorities include making the mortgage interest deduction permanent, allowing mortgage insurance premiums to be deductible, and raising the federal debt ceiling.
