One Big Beautiful Bill Off to White House for President’s Signature

President Trump’s $3.3 trillion One Big Beautiful Bill officially passed the House of Representatives Thursday afternoon, after several sleepless sessions for both the House and Senate. The bill, focused on measures impacting taxes, the border, national defense, energy, and national debt, passed the House by a vote of 218-214. All but two Republicans, Reps. Thomas Massie of Kentucky and Brian Fitzpatrick from Pennsylvania, voted for the bill. 

The measure now moves to President Trump’s desk for his signature, falling within Trump’s suggested July 4th deadline. 

White House Press Secretary Karoline Leavitt said in a call Thursday afternoon: “The one ‘Big Beautiful Bill’ has passed the House of Representatives, and will be at the President’s desk for signature at a big, beautiful signing ceremony tomorrow at 5 p.m. on the Fourth of July, just as the President always said and hoped it would be.” 

House Minority Leader Hakeem Jeffries broke a record for the longest House floor address ever with an eight-hour, 44-minute speech on Thursday, voicing opposition to the bill, referencing a series of binders with notes from Americans who he said would be harmed by the bill. 

The bill passed the Senate Tuesday after a marathon session deliberating and debating the measure, narrowly passing with Vice President JD Vance casting a tie-breaking vote to break the 50-50 deadlock. 

“MBA is pleased that the final tax package preserves or strengthens–and makes permanent–many pro-housing and pro-economic growth tax provisions that were identified by our Board-level Tax Task Force, led by 2025 Chair-Elect Christine Chandler and Vice Chair Owen Lee. We believe these provisions will benefit homeowners and renters, increase housing production, and improve the financial outcomes of our single-family and commercial/multifamily members’ businesses,” said Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit, CMB. “We thank the Trump administration and House and Senate leaders for focusing on these housing and real estate matters during this legislative process and look forward to President Donald Trump signing the bill into law.” 

One Big Beautiful Bill seeks to save taxpayer dollars by:  

• Decreasing the Consumer Financial Protection Bureau’s (CFPB) funding cap: For the first time in 15 years, Republicans have decreased the CFPB’s mandatory funding cap. This provision requires the Bureau to be fiscally responsible but does not affect the statutory functions of the CFPB. 

• Inflation Reduction Act (IRA): Rescinding funds from the Inflation Reduction Act’s green housing initiatives and giving the U.S. Department of Housing & Urban Development (HUD) discretion in funding critical housing programs. 

• SEC Reserve Fund: Sweeping unused money from an SEC slush fund for technology modernization and eliminates the fund permanently. 

The bill has been met with revisions and changes along its path to the President’s desk, weaving through a number of hurdles, obstacles, and debates. Last week, Senate Parliamentarian Elizabeth MacDonough ruled that several key pieces of the measure violated the Byrd Rule, a measure that prohibits provisions considered “extraneous” to the federal budget. Among the changes by Parliamentarian MacDonough, striking a provision that would have placed a funding cap on the CFPB, a move that would have cut approximately $6.4 billion from the Bureau, thus reducing the Bureau’s funding to zero percent, and eliminating the agency. 

Sen. Tim Scott, late last week, updated legislative text of provisions in One Big Beautiful Bill, after a marathon weekend of adjusting the legislation to fit parliamentarian rulings. Sen. Scott unveiled that the CFPB’s budget would be slashed in half, as the Bureau’s available operating budget would go from 12% to 6.5% of the Federal Reserve System’s 2009 total operating expenses, adjusted for inflation. The updated provision would decrease the CFPB’s funding cap for a savings of $2 billion, and rescind unobligated funds from the Inflation Reduction Act for green housing initiatives to the Treasury for a savings of $138 million.  

“Slashing the CFPB’s budget nearly in half will severely compromise its ability to stand up for consumers and take on big banks and unscrupulous financial firms when they cheat working families out of their hard-earned money,” said Chuck Bell, Advocacy Program Director at Consumer Reports. “Consumers will be more likely to fall victim to shady financial industry practices, hidden fees, and other scams because of this devastating budget cut. Shrinking the CFPB’s funding so dramatically on top of the administration’s ongoing efforts to gut the Bureau will effectively muzzle this critical watchdog and leave consumers more vulnerable to fraud and abuse.” 

In addition to the bill’s CFPB-related points, several other provisions within the measure support homeownership, and aim to strengthen the nation’s real estate economy, including: 

• A permanent extension of lower individual tax rates  

• An enhanced and permanent qualified business income deduction (Section 199A)  

• A temporary (five-year) quadrupling of the state and local tax (SALT) deduction cap, beginning for 2025  

• Protection for business SALT deductions and 1031 like-kind exchanges  

• A permanent extension of the mortgage interest deduction  

“These provisions form the backbone of the real estate economy—from supporting first-time and first-generation buyers to strengthening investment in housing supply and protecting existing homeowners,” said National Association of Realtors (NAR) EVP and Chief Advocacy Officer Shannon McGahn. “Real estate makes up nearly one-fifth of the entire U.S. economy, and we made sure policymakers understood that homeownership is the essential component to building wealth and a strong, prosperous middle class.” 

One of the key provisions of the bill raises the cap on the State and Local Tax (SALT) deduction to $40,000—quadruple the previous $10,000 limit—and it could mean thousands of dollars in annual tax savings for owners in certain states and metros. 

“Increasing the SALT cap from $10,000 to $40,000 will have the greatest impact on homeowners in areas with the highest state and local taxes, or those in the most expensive homes,” said Realtor.com Senior Economist Jake Krimmel. “An additional $30,000 in deductions could amount to about $10,500 in annual tax savings for such homeowners, assuming a 35% federal marginal tax rate.” 

Realtor.com has examined the areas where the SALT cap benefit is likely to be felt most in a breakdown of the states and metros with the highest share of homes taxed above $10,000 annually. 

• New Jersey: 39.9% 

• New York: 25.9% 

• Connecticut: 19.4% 

• California: 19.3% 

• Massachusetts: 18.4% 

• New Hampshire: 16.3% 

• District of Columbia: 15.6% 

• Illinois: 13.7% 

• Texas: 12.4% 

• Rhode Island: 9.3% 

“The President’s One Big Beautiful Bill will revitalize and uplift rural, tribal, and urban communities across America, delivering the largest deficit reduction in decades, providing the biggest tax cut ever for working-class Americans, and expanding the benefits of Opportunity Zones so this transformative policy can have an even greater impact,” said U.S. Department of Housing & Urban Development (HUD) Secretary Scott Turner. “I’m especially pleased to see Opportunity Zones made a permanent part of our tax code, providing much-needed continuity. Additional enhancements, including a rolling designation cycle and expanded investment incentives for underserved rural communities, will build on the momentum of Opportunity Zones, which have already lifted more than one million Americans out of poverty, attracted more than $89 billion in investment, increased housing supply by more than 300,000 new residential addresses, and created more than half a million jobs. Thanks to President Trump’s bold leadership, our nation’s fiscal sanity is restored and our country’s financial future is better and brighter than before. The One Big Beautiful Bill is a massive victory for the American worker, the American small business owner, and the American family, and it’s just the beginning of America’s Golden Age.”

The top 10 metros with the highest share of properties that are taxed over $10,000 include: 

• San Jose-Sunnyvale-Santa Clara, California: 47.9% 

• New York-Newark-Jersey City, New York-New Jersey: 47.8% 

• San Francisco-Oakland-Fremont, California: 40.9% 

• Bridgeport-Stamford-Danbury, Connecticut: 39.3% 

• Kiryas Joel-Poughkeepsie-Newburgh, New York: 37.5% 

• Trenton-Princeton, New Jersey: 35.8% 

• Nantucket, Massachusetts: 35.5% 

• Austin-Round Rock-San Marcos, Texas: 32.0% 

• Jackson, Wyoming-Idaho: 28.7% 

• Santa Cruz-Watsonville, California: 28.1% 

“While the deduction provides tax relief for higher-income homeowners, it may also affect certain local housing markets. Raising the SALT cap creates a greater incentive to own in expensive, high tax neighborhoods, such as affluent suburbs with high property taxes and good schools,” added Krimmel. “As demand for these neighborhoods rises, expect home prices to edge up there, too.”