Senate Passes Tax Bill With Many Wins for NAHB Members
The Senate on July 1 passed the One Big Beautiful Bill Act (H.R. 1) — sweeping tax and domestic policy legislation that includes several important housing and business provisions that will benefit small businesses, real estate and our members. Most notably, NAHB was able to secure key wins regarding state and local tax deductions for individuals and pass-through businesses.
The House is expected to vote on the Senate bill this week to meet President Trump’s goal of sending him the landmark legislation by July 4.
Prior to the Senate vote, NAHB sent a letter to Senate Majority Leader John Thune (R-S.D.) and Minority Leader Chuck Schumer (D-N.Y.) designating support of H.R. 1 as a “key vote” because of its importance to the housing industry.
Click Here for More from NAHB including details on provisions that benefit individuals (making the Tax Cuts and Jobs Act permanent) and business provisions.
To view NAHB Chairman Buddy Hughes’ statement on the passage of H.R. 1, click the link below: