House Passes CRE-Friendly Budget Bill in Narrow Vote
This morning, the House of Representatives passed the long-awaited budget reconciliation package—dubbed the “One, Big, Beautiful Bill.” Despite a tight voting margin and internal GOP disagreements, the bill marks a major victory for the commercial real estate industry.
Thanks to NAIOP’s strong advocacy efforts, the final House version excludes several harmful tax changes and includes key provisions that support our sector.
Key Wins:
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Business SALT deduction preserved — no changes to property tax deductibility
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Carried interests remain taxed at capital gains rates
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Section 1031 exchanges and ordinary income tax rates remain unchanged
Provisions We Supported that Are Included:
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100% bonus depreciation extended through 2029
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Pass-through deduction (Section 199A) increased to 23% and made permanent
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Interest expense limitation adjusted in favor of taxpayers (2025–2029)
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Opportunity Zones extended through 2033, with rural focus
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Low-income housing tax credit allocation increased 12.5% through 2029
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Estate tax exemption raised to $15 million per individual
This legislation reflects the power of coordinated industry advocacy.
You can read more about the bill and NAIOP’s work in a post on the Market Share blog here
