RISMedia

The U.S. House Ways and Means Committee released a draft of its tax reform bill on Monday, May 12. The bill is referred to as the “One, Big, Beautiful Bill” in the official text, the name that Trump himself has used to refer to the legislation. Many of the legislation’s provisions impact real estate professionals and consumers—the current draft earned praise from the National Association of REALTORS® (NAR), which has advocated for real estate’s priorities to lawmakers during the process.

NAR Executive Vice President and Chief Advocacy Officer Shannon McGahn said in a press release that: "This is a very strong opening bid for our advocacy priorities. This draft language preserves or strengthens a raft of provisions vital to housing affordability, including making the current lower income tax brackets permanent. These are all measures we have worked tirelessly to advocate for on behalf of our members. I would caution that this is just the first draft. The bill will continue to evolve as it moves through the committee process and eventual passage in the House and Senate, with many amendment votes to come."

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