Housing industry cheers Senate passage of the ‘Big Beautiful Bill’

Senate Republicans on Tuesday advanced President Donald Trump’s sprawling “Big Beautiful Bill” in a last-second flurry that required Vice President JD Vance to cast a tie-breaking vote.

All 47 Senate Democrats voted against the bill, with Republicans Susan Collins, retiring Thom Tillis and Libertarian deficit hawk Rand Paul joining them. The bill now goes back to the House of Representatives for approval.

Republicans are working fast to meet Trump’s July 4 deadline for the passage of what could be the signature legislation of his second term. Major provisions of the bill include the extension of tax cuts from the 2017 Tax Cuts and Jobs Act along with deep cuts to Medicaid.

Many people in the housing industry applauded the Senate’s passage of the bill. The National Association of Realtors (NAR) released a statement in which it said the legislation has “major wins for real estate.”

The trade group highlighted provisions in the bill that are beneficial, including lower individual tax rates, “enhanced” income deduction, quadrupling of the state and local tax (SALT) deduction, and an extension of the mortgage interest deduction.

The bill also includes additional provisions for the Low-Income Housing Tax Credit (LIHTC) program, an increase in the child tax credit, and raised thresholds for estate and gift taxes.

“[NAR has] worked for months to educate Congress through original NAR research, analysis and polling to demonstrate the value and broad support for the many real estate provisions in this bill,” executive vice president Shannon McGahn said in a statement.

“Congressional leaders were receptive to our message. Our team had many conversations with lawmakers, and they thanked us for our public support and for providing the data they needed to support these provisions.”

The bill has courted controversy due to its cuts to Medicaid and high costs, which the Congressional Budget Office projects will add $3.3 trillion to the deficit. Some House Republicans were already grumbling about changes made by the Senate before Tuesday, so its passage in the lower chamber is not a given.

It’s also split some of the highest-ranking members of Trump’s orbit. The bill’s cost has enraged Elon Musk, whose criticism on social media ignited an explosive breakup with the president weeks ago. Musk renewed his attacks on the bill Monday, sparking more back-and-forth with Trump.

Bob Broeksmit, the president and CEO of the Mortgage Bankers Association (MBA), also voiced approval for the bill.

“MBA is pleased that the Senate’s version of the bill maintains numerous pro-housing and economic development tax provisions that our Board-level Tax Task Force — representing both our single-family and commercial/multifamily members — advocated for,” he said in a statement.