Chicago Agent Magazine
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; and 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.