House Passes Tax Reform Bill as Senate Seeks Changes

The U.S. House of Representatives, under President Donald Trump's administration, has passed the comprehensive "One Big Beautiful Bill" tax reform and reconciliation act, encompassing significant changes in tax, immigration, and energy policies. The bill, which passed narrowly, maintains current income tax rates while including provisions favorable to real estate, such as increased qualified business income deductions and expanded state and local tax deductions, drawing support from industry groups like the National Association of REALTORS®. Despite House approval, Senate Republicans have indicated they will amend the bill, focusing on deeper spending cuts and modifications to Medicaid and green energy subsidies, signaling continued negotiation and change ahead. The House GOP is actively promoting the bill's budgetary benefits and pushing back on claims that it will increase the deficit, highlighting expected economic growth and mandatory spending reforms. Additionally, the legislation includes notable impacts on tax-exempt organizations, such as a revised excise tax structure for private foundations, while removing some controversial provisions from earlier committee versions. As the Senate prepares to deliberate, stakeholders remain engaged in advocacy efforts to influence the final shape of this landmark legislation.