The House of Representatives Committee on the Budget, chaired by Jodey Arrington (R-TX), managed to advance budget reconciliation legislation at a late-night markup Sunday night, after failing last Friday to pass the bill containing much of President Donald Trump and the Republican leadership’s tax and spending priorities. The so-named “Big, Beautiful Bill” passed when four fiscal conservatives on the committee changed their “no” votes to “present,” allowing the measure to advance by a vote of 17-16-4. The vote by the Budget Committee allows the bill to advance to the House Rules Committee, where changes demanded by the fiscal conservatives can be incorporated into the text of the legislation, keeping the bill on track for a floor vote by the end of the week.

Speaker of the House Mike Johnson has made a goal to pass the legislation before Congress’s Memorial Day, which would enable the Senate to address the legislation in June and July and facilitate passage of a version agreed upon by the House and the Senate by August. NAIOP has met with members of the House and Senate to advocate the tax policy priorities important to our members and the commercial real estate industry throughout the development of the legislation. House fiscal conservatives demanding deeper cuts in federal spending, and Republicans from high-tax states demanding a higher allowable deduction for state and local taxes paid by individuals, have complicated development of a bill that could garner enough support to pass the House.