APARTMENT ADVOCATE
WHAT’ S NEXT
NAA is grateful for the Trump Administration ' s attention to these regulatory challenges. Without their swift action, federal overregulation of the rental housing industry would continue to impact the cost and availability of affordable housing for millions of Americans.
NAA continues to advocate against policies that exacerbate longstanding affordability challenges and instead for real housing policy solutions.
What President Trump ' s Budget Proposal Means for Rental Housing
The legislative process is underway for the“ big, beautiful bill” in Congress that will encompass three of the President Trump’ s top priorities: taxes, energy and immigration. This week, multiple committees in the U. S. House of Representatives will consider pieces of this very complicated puzzle.
Top-of-mind for the rental housing industry – and the National Apartment Association’ s( NAA) proactive advocacy efforts – is the tax portion of the package, which determines the fate of the 2017 Tax Cuts and Jobs Act set to expire at the end of this year and many new proposals sought by the President.
On May 12, 2025, the Chairman of the House Ways and Means Committee released his draft bill that will be considered and voted on by the full committee on May 13. Given the politics of what it took to get to this point, there likely will be no substantive changes made to the bill during the markup. This version will advance in the House where further changes could be made before a final vote, at some time next week.
THE BILL DOES:
• Increase the 199A deduction for pass-through entities from 20 to 23 percent, and makes it permanent
• Enhance and improve the Lowincome Housing Tax Credit( LIHTC)
• Extend & expand Opportunity Zones
• Increase the estate tax exemption
THE BILL DOES NOT:
• Change the capital gains treatment of a carried interest
• Reduce the deductibility of business State and Local Property Taxes( SALT)
• Increase individual marginal ratesns Affairs and the Social Security Administration. www. aamdhq. org 47 | TRENDS JUNE 2025