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The House of Representatives early this morning passed the One Big Beautiful Bill Act that delivers significant wins for the real estate sector, reinforcing tax provisions long championed by the National Association of REALTORS®. NAR's advocacy team successfully secured its top five tax priorities in the bill, including an enhanced small business tax deduction, a strengthened state and local tax deduction, and protections for the mortgage interest deduction. The bill also makes the current lower individual tax rates permanent and increases the child tax credit, moves that could help increase homeownership access for more American families. In addition to NAR's top tax priorities, the bill includes a broad range of other NAR-supported provisions-such as enhancements to the Low-Income Housing Tax Credit, estate tax certainty, renewed Opportunity Zone incentives, and the creation of tax-advantaged child investment accounts that can be used for qualified expenses of the beneficiary such as first-time home purchases-all of which strengthen housing affordability, investment, and generational wealth. "We appreciate House leaders for taking this important step with a bill that supports hardworking families and strengthens the real estate economy. With lower tax rates, SALT relief, and new incentives for small businesses and community development, this proposal brings real benefits to everyday Americans," says Shannon McGahn, NAR executive vice president and chief advocacy officer. "While significant changes are possible as this bill moves to the Senate, NAR will stay closely engaged with lawmakers to ensure real estate remains a central focus," McGahn says. "We are committed to advocating for provisions that expand opportunity, support homeownership, strengthen communities nationwide, and put the American Dream within reach for more families." In a recent national survey commissioned by NAR, Americans expressed strong support for retaining provisions in the 2017 Tax Cuts and Jobs Act critical to the real estate economy and homeownership. Fully 76% of voters are aware of efforts to extend the Tax Cuts and Jobs Act. Among those familiar with the law, support grows significantly when specific provisions are highlighted-86% back lower income tax rates for individuals and married couples, 83% support a new 20% deduction for independent contractors and small businesses earning under $400,000, and 80% favor tax incentives aimed at spurring investment in underserved communities. The national survey of 1,000 registered voters was commissioned by NAR and conducted by Public Opinion Strategies and Hart Research April 3–6, 2025. It has a margin of error of 3.10%. Below is a summary of the provisions included in the current bill: Top Five NAR Tax Priorities Qualified Business Income Deduction (Section 199A) The bill permanently increases the QBI deduction from 20% to 23%. This deduction benefits more than 90% of NAR members, who are classified as independent contractors or small business owners. 83% of voters said they supported the 20% tax deduction for independent contractors and small businesses making less than $400,000 a year, according to NAR's national poll. State and Local Tax Deduction (SALT) The SALT deduction cap is quadrupled from $10,000 to $40,000 for households earning under $500,000. However, the bill does not eliminate the marriage penalty. Thus, whether taxpayers are single filers or married couples filing a joint return, they can deduct a maximum of $40,000 in state and local taxes. The income cap and deduction both grow 1% every year over a 10-year window. Individual Tax Rates Current individual tax rates, lowered as part of the TCJA, are made permanent and indexed for inflation, aiding taxpayers and improving affordability for prospective homebuyers. 86% of voters support the lowered income tax rates for individuals and married couples, according to NAR's national poll. Mortgage Interest Deduction (MID) The draft preserves and makes permanent the MID at its current level, maintaining a key tax benefit for homeowners and supporting housing market stability. There had been concern MID might be reduced or eliminated as a budget offset 91% of voters support maintaining tax incentives such as the mortgage interest deduction for homeowners, according to the NAR poll. Business SALT and 1031 Like-Kind Exchanges The draft bill protects Section 1031 like-kind exchanges, which are often erroneously regarded as a tax loophole. It also includes no changes for most businesses deducting state and local taxes (sometimes referred to as "Business SALT"). While the bill does provide limits in state-level business SALT workarounds for certain high-income professionals (e.g., law firms, hedge funds, consulting businesses, and other services), the provisions do not appear to impact real estate professionals. Additional Positive Tax Provisions for Real Estate Economy Low-Income Housing Tax Credit (LIHTC) Key provisions from the LIHTC Improvement Act will be included to support affordable housing development. Child Tax Credit Increased to $2,500 (2025–2028) Temporarily raises the child tax credit through 2028 and then indexes it for inflation starting in 2029. The child tax credit supports families and could help with housing affordability. Creation of Tax-Advantaged Child Investment Accounts Can be used for qualified expenses of the beneficiary such as first-time home purchases. Permanent Estate and Gift Tax Threshold Set at $15 Million (Inflation-Adjusted) Prevents a significant drop in exemption levels and supports generational wealth transfer, aligning with NAR priorities. No Top Tax-Rate Increase The proposed 39.6% top rate was removed from the bill. Restoration of "Big 3" Business Tax Provisions Full expensing of research and development (R&D) Bonus depreciation Fixes to interest expense deduction limits Immediate Expensing for Certain Industrial Structures Applies to structures used in manufacturing, refining, agriculture and related industries. No Change to Carried Interest Treatment Opportunity Zones Renewed with revised incentives to encourage targeted investment, including in rural areas. 80% of voters expressed support for tax incentives for investors to encourage economic growth and development in underserved and poorer communities, according to NAR's recent national poll.

Platinum Preferred Partner Spotlight: Parkside Builders

How long have you been working in the real estate industry? I have been in real estate for seven years. How did you get into real estate? My husband is a builder, and once our children were grown, it made sense for me to sell his homes rather than hire someone else. I dove in head-first and quickly discovered how much I love it! What inspired you to join Sumner REALTORS®? I initially joined another association at my first broker’s recommendation. After switching brokerages, I moved to Sumner REALTORS® and quickly saw its convenience, enhanced training opportunities, and clearer communications. Being closer also made it easier to connect with fellow REALTORS®. What goals or metrics would you like to help Sumner REALTORS® achieve throughout the rest of 2025? I’d love to see more members get involved. Involvement builds community, fosters growth through peer learning, and creates genuine support rather than competition. Even attending a single class can open doors to new ideas and connections. What is one key lesson or insight you’ve learned over the years in this industry? Success in the real estate industry demands consistent effort. It is a service industry, and it will pay off if you're willing to invest the time and hard work. What’s one thing you’re particularly excited about this year? I’m excited for continued growth and learning. Every year feels like a blank slate. There’s nothing more thrilling than asking, “What can I make happen next?” How do you see Sumner REALTORS® making a difference in the community or industry you are in? By nurturing an ever-expanding sense of community and encouraging members to ask, “How can we do better?” Active engagement unlocks our collective potential and impact. What advice or words of encouragement would you give to someone aspiring to join the Board or take on a leadership role? Just get involved. Don’t worry about who you know or compare yourself to others. If you’re a doer, you’re needed. Even small contributions make a difference. How do you enjoy spending your time outside of work? I love being with my family. I’m a proud soccer mom, and I enjoy baking and helping my 16-year-old daughter, Lucy, with her nonprofit, Lucy's Love Blankets. She makes blankets for children who need a little extra love! What is something that most people might not know about you? I have nine amazing kids!

🏠 Product Resource - Realtracs Showings

How long have you been working in the real estate industry? Since 2011. How did you get into real estate? When I bought a home in 2009, my REALTOR® suggested I consider real estate as a career. She thought I’d be good at it, and she is still a REALTOR®. I’ve always been in sales and customer service, and this is a great way to combine my talents and serve our local community. What inspired you to join Sumner REALTORS®? My broker at the time was a member, and since I’ve always lived in Sumner County, I wanted to get involved locally. While I wasn’t initially “inspired” to join, I knew it was the right move to stay connected with my community. Becoming involved on the Board over the last 2+ years has opened my eyes to everything they have done and continue to do. What goals or metrics would you like to help Sumner REALTORS® achieve throughout the rest of the year? I currently serve on the RPAC Committee, and one of my goals is to help this year's chair surpass last year's fundraising record. Last year, I served as the Sumner REALTORS® RPAC Committee chair, and it was the most investments we have ever had. We exceeded every measurable metric in the previous year, and much of that success is thanks to Jeff Hebb. He’s more passionate and involved than any CEO we’ve had in years past, and he truly champions RPAC’s mission. What is one key lesson or insight you’ve learned over the years in this industry? Relationships are key to success. What’s one thing you’re particularly excited about throughout the rest of this year? Helping families achieve home ownership. Also going to visit new waterfalls this summer. How do you see Sumner REALTORS® making a difference in your community or industry? They’re involved in nearly every aspect of the community, from government and local charities to schools. Their goal isn’t to disrupt but to support. Whether it's citywide initiatives or small local causes, they work to strengthen every corner of our community. What advice or words of encouragement would you give someone aspiring to join the Board or take on a leadership role? Be open-minded, and don’t be afraid to speak up. Get involved in any way you can because no matter how you serve, you can make a difference. How do you enjoy spending your time outside of work? Family always comes first. I enjoy going to church, fishing, trying local restaurants, and spending time with my kids, and they keep me busy! What is something that most people might not know about you? I grew up in Kentucky and appeared in the movie Major League when I was younger. In the scene where “Wild Thing” strikes out a kid from the Yankees, look just above the dugout, I’m in the front row wearing a gray sweatshirt.

RECAP: Portland BOMA Meeting – May 5, 2025

Diamond Preferred Partner Spotlight: Rhonda Holt & Jeff Stine, ACOPIA® Home Loans

CEO Jeff Hebb and President Brian Stewart have been prioritizing office visits for 2025. See more below!

Stewart Halcomb currently serves on the Realtracs Advisory Council, where he helps bridge the gap between local Associations and Realtracs by sharing feedback and shaping future initiatives. With over eight years in the real estate industry, Stewart brings a passion for collaboration, advocacy, and creating a better experience for agents, brokers, and clients alike. Read the full spotlight below.