The Legislation on Everyone’s Mind: Tax Reform

Michael Rauber • June 3, 2025

Editor’s Note: This article first appeared in Realtor Magazine.

WASHINGTON—Will the current tax reform bill—with significant wins for real estate—emerge intact from Senate deliberations?

Ahead of meetings with their senators and representatives this week, National Association of Realtors members had the opportunity to sit with two former members of Congress—Kevin Brady of Texas and Dan Kildee of Michigan—for a discussion centered on H.R. 1, the so-called “One Big Beautiful Bill,” and its potential impact on the real estate economy.

Nearly 7,500 NAR members are in Washington, D.C., this week for the Realtors Legislative Meetings and to talk with their members of Congress about Realtors’ legislative priorities. Visits to Capitol Hill are planned for Wednesday.

Prospects for Senate Passage

In its current state, the bill retains the current income tax rates while including a range of NAR-supported provisions, including an increase in the qualified business income deduction and quadrupling of the state and local tax deduction.

Brady, a former chair of the House Ways & Means Committee, was one of the architects of the Tax Cuts and Jobs Act of 2017, which reshaped the U.S. Tax Code for individuals, businesses and families. At Monday’s Federal Legislative & Political Forum, Brady expressed gratitude for support from the real estate industry and highlighted the aggressive timetable that was needed to pass H.R. 1. He noted that “it is important, on the demand side, to lock in the current rates and not impose a 22% tax hike on middle-class families and small businesses.”

Kildee, who served on Ways & Means, emphasized the broader scope of the current bill and the thin margins in both houses, noting concerns from the Senate. “In all likelihood, there will be some changes from the House version,” he said. Both men agreed on the importance of maintaining mortgage interest deductibility and Low-Income Housing Tax Credits.

Next Steps

NAR remains committed to advocating for provisions that expand opportunity, support homeownership, strengthen communities nationwide, and put the American dream within reach for more families.

“While changes are likely as this bill moves to the Senate, NAR will stay closely engaged with lawmakers to ensure real estate remains a central focus,” says Shannon McGahn, NAR executive vice president and chief advocacy officer. “We are committed to advocating for provisions that expand opportunity, support homeownership, strengthen communities nationwide, and put the American dream within reach for more families.”

About the author: Michael Rauber is manager of advocacy communications at the National Association of Realtors.

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