The House has passed a bill designed to bolster the real estate economy and aid families through substantial tax reforms. Key provisions include lower tax rates, SALT relief, and incentives for small businesses, aimed at benefiting everyday Americans. Enhancements to LIHTC and tax-advantaged accounts for first-time homebuyers were also included. The bill, which reflects input from real estate advocates, aims to preserve critical tax elements from the 2017 Tax Cuts and Jobs Act. As it moves to the Senate, further modifications are anticipated before final enactment.
We appreciate House leaders for taking this important step with a bill that supports hardworking families and strengthens the real estate economy, Shannon McGahn, NAR's executive vice president and chief advocacy officer, said in a statement.
MBA is pleased that this bill includes numerous tax provisions that will help to increase real estate investment in communities and improve the financial outcomes of homeowners, renters, and our members' businesses, president and CEO Bob Broeksmit said in a statement.
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