Budget Reconciliation Legislation 2025 Tax Reform

Legislative deal retains key real estate incentives. The newly passed “One Big Beautiful Bill” Act implements a mix of new tax and policy provisions, while also extending core elements of the 2017 Tax Cuts and Jobs Act, including several measures that benefit commercial real estate investors. These include the reinvigoration of bonus depreciation, permanent qualified business income deductions, and the preservation of 1031 exchanges and carried interest treatment.