The mayor’s veto puts the $4-billion project to be built at Bally’s Golf Links at Ferry Point in the Bronx back in the running among six other applicants for up to three downstate gaming licenses.
NAR Secures Major Wins for Real Estate in ‘One Big Beautiful Bill’
The One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy.
WASHINGTON—The National Association of Realtors applauded the U.S. House of Representatives on final passage of the sweeping tax reform legislation that delivers significant victories for homeowners, consumers, real estate professionals, and the broader U.S. economy. The House passed the One Big Beautiful Bill Act on July 3 by a vote of 218 - 214. The legislation was signed the next day by President Trump.
The One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy—a sector that accounts for nearly one-fifth of the nation's GDP.
“For months, Realtors across America have been at the forefront of tax reform, making sure Congress understood that homeownership is not only the cornerstone of the American Dream but a foundation for building wealth and strengthening communities,” said Shannon McGahn, NAR’s executive vice president and chief advocacy officer. “We delivered that message backed by original research, trusted polling data, and the real-world expertise of more than a million Realtors living and working in every ZIP code in America.”
NAR successfully secured its top five legislative priorities in the final package:
A permanent extension of lower individual tax rates.
A permanent qualified business income deduction (Section 199A).
A temporary (five year) quadrupling of the state and local tax (SALT) deduction cap, beginning in 2025.
Protection for business SALT deductions and 1031 like-kind exchanges.
A permanent extension of the mortgage interest deduction.
“These provisions form the backbone of the real estate economy—from supporting first-time and first-generation buyers to strengthening investment in housing supply and protecting existing homeowners,” McGahn said. “This bill reflects what happens when Realtors work together to educate lawmakers and advocate for policies that benefit every American.”
The legislation also includes a number of other provisions backed by NAR that are positive to the real estate industry.
Additional Real Estate Wins in the Tax Package
Permanent improvements to the Low-Income Housing Tax Credit to support affordable housing development.
An increased Child Tax Credit of $2,200, indexed to inflation, helping ease housing costs for families.
A permanent $15-million estate and gift tax threshold, protecting generational wealth transfer.
Restoration of critical business provisions, including full expensing for research and development and bonus depreciation.
Immediate expensing for industrial structures, boosting investment in manufacturing, agriculture, and related industries.
Strengthened Opportunity Zones, renewing targeted incentives to drive economic development, including in rural areas.
The bill also introduces a new “baby bonds” program—a one-time $1,000 government investment for each child born after the law’s enactment. Once matured, these bonds can help future generations build wealth, including saving for a first home.
Realtor Advocacy Made the Difference
In the final weeks, original polling commissioned by NAR showed overwhelming public support for the bill’s real estate provisions: 92% support tax-free savings accounts for first-time home buyers; 91% support preserving tax incentives like the mortgage interest deduction; 86% support lower individual income tax rates; 83% support the 20% deduction for independent contractors and small businesses and 61% support increasing or eliminating SALT deduction limits.
“We brought these numbers directly to Capitol Hill and to the White House,” McGahn added. “Lawmakers repeatedly told us they appreciated the research, the clear message, and the voices of Realtors advocating in their communities. This is what happens when our members—backed by facts and united in purpose—speak up.”
The mayor’s veto puts the $4-billion project to be built at Bally’s Golf Links at Ferry Point in the Bronx back in the running among six other applicants for up to three downstate gaming licenses.
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