July 08, 2025 | Washington, D.C.
Last Thursday the House of Representatives narrowly passed the final version of President Donald Trump’s and the Republican congressional leadership’s One Big Beautiful Bill Act, delivering the bill by their self-imposed deadline of the Fourth of July. The legislation, a budget reconciliation measure containing major provisions affecting tax policy, federal spending on immigration enforcement, defense, and changes to Medicaid and food assistance, passed with a 218-214 vote after drawn-out negotiations between the administration and Republican holdouts demanding deeper cuts in federal spending. The president signed the measure on the Fourth of July.
Aside from whether the reconciliation measure is ultimately a political plus or minus for the administration, the bill contained major tax policy wins for commercial real estate, many of which were included in NAIOP's tax priorities for 2025. In addition to making expiring income tax rates permanent, the legislation also makes permanent:
Proposals we strongly opposed were also excluded from the legislation, including:
NAIOP will continue to provide information on the reconciliation bill’s impact on CRE as the administration moves to implement its various provisions.