The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) respectively cheered the US Senate-amended passage of the One Big Beautiful Bill Act, declaring the legislation would positively impact the US housing market.
“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,” said NAR Executive Vice President and Chief Advocacy Officer Shannon McGahn. “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.”
McGahn added, “We were invited to the White House on Friday—just days before the final vote—to continue advocating for our members and consumers as the Senate version took shape. The administration and Congress respect the voice of our members and the roles they play as leaders in their communities. 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.”
McGahn noted the passed bill included NAR’s five key priorities: A permanent extension of lower individual tax rates; an enhanced and permanent qualified business income deduction (Section 199A); a temporary (five-year) quadrupling of the state and local tax (SALT) deduction cap, beginning for 2025; protection for business SALT deductions and 1031 like-kind exchanges; and a permanent extension of the mortgage interest deduction. The bill also incorporated provisions from the LIHTC Improvement Act that will be retained on a permanent basis to support affordable housing development.
Separately, MBA’s President and CEO Bob Broeksmit issued a statement that said, “MBA is pleased that the Senate’s version of the bill maintains, and in several cases enhances, numerous pro-housing and economic development tax provisions that our Board-level Tax Task Force, representing both our single-family and commercial/multifamily members, advocated for. Importantly, the bill makes permanent the mortgage interest deduction, permanently reinstates the deductibility of mortgage insurance premiums, maintains the 20% deduction for Qualified Business Income under a permanent Section 199A, makes permanent the deductibility of business interest for real property transactions, keeps current law treatment of Section 1031 like-kind exchanges and the tax code’s ‘gain on sale’ rollover provision, and raises the federal debt ceiling by $5 trillion.”
Broeksmit added, “Building on the bill that passed the House, the inclusion of permanent rounds of Opportunity Zones, along with much-needed improvements to the Low-Income Housing Tax Credit program, will facilitate more housing production. We are also pleased, following MBA’s and a broad set of industry stakeholders’ direct advocacy, that both the Section 899 proposal and restrictions to a pass-through entity’s ability to deduct state and local tax expenses were removed from the Senate legislation.”
The bill will now go back to the House of Representatives for a reconciliation process.
I am ashamed that the NAR has sold our less fortunate and needy citizens down the river for a few pieces of silver. As a Realtor, I have always thought my job was to solve problems for my customers not create them.
I so agree with you Jeff
I agree with Jeff! This is saying to many of our customers and clients that we only care about our business and could care less about the hardship so many people will feel thanks to this BIG BS Bill! The big winners, as usual will be the high earners. The NAR has proven to be a poor voice for real estate when it undermines our mission to help all Americans to achieve their version of the American Dream!
Exactly. I don’t hear any move on creating affordable housing either.
What about all of the people that will lose medical services. I do not support any organization that supports anything that Trump supports. How do I withdraw my NAR membership?
I agree with Jeff. This is astounding that ANYONE could support this bill. Besides taking away health care for at least 11 million and Food Stamps for those that need it, it also increases the debt by 3 trillion dollars. This is absurd and horrific for generations to come.
I agree with Jeff. This is a terrible bill for our country
This Trump Bill is the most immoral in my lifetime. We have lost our moral and ethical compass during the Trump 1.0 and now 2.0. Christians say we need Bibles in school. We need Bibles and moral and ethical conduct in Congress. There’s none in the White House.
It’s 1933 Germany in the United States. Our Gestapo are called ICE but doing the same job. I can’t believe watch what is been done to our country. Our historical values are being eliminated. Shame on us for letting this happen…………
What the heck. A business association is supposed to advocate for it’s members business interests. There are plenty of other organizations to join that lobby for ideals that you are expressing but if one is logical, you can plainly see that NAR is doing what it is supposed to be doing…..Lobbying for it’s members financial interests. I for one feel like NAR was not doing it’s job over the past decade and now that it faces termination by some member firms they are finally coming back to what business associations area supposed to do.
Many have bought into the fearmongering for anything Trump supports. They have been proven wrong at every turn. This bill has many more positives than negatives. Let’s give it a chance.
sure withhold your RPAC contibution this year