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55 June 2025 J O U R N A L June 2025 » million. This calculation was indexed for inflation, beginning in 2026. The estate and gift tax exemption provision would provide certainty for estates and families, ensuring that they can pass down assets to future generations without the threat of a fluctuating exemption amount. One Big Beautiful Bill also includes other tax provisions, such as permanent extensions of business tax benefits and increased standard deductions for individuals. "We appreciate House leaders for taking this important step with a bill that supports hardworking families and strengthens the real estate economy. With lower tax rates, SALT [State and Local Tax] relief, and new incentives for small businesses and community development, this proposal brings real benefits to everyday Americans," said Shannon McGahn, NAR's EVP and Chief Advocacy Officer. Opportunity Zone Incentives The One Big Beautiful Bill Act pro- poses a renewed Qualified Opportunity Zone (QOZ) program starting January 1, 2027, and ending December 31, 2033. An Opportunity Zone is a designation and investment program created by the Tax Cuts and Jobs Act of 2017 allowing for certain investments in lower-income areas to have tax advantages. Their purpose is to spur economic growth and job creation in low-income communities while provid- ing tax benefits to investors. The One Big Beautiful Bill Act in- cludes modified eligibility requirements, focusing on rural areas and narrowing the definition of low-income communities by narrowing the threshold for census tract eligibility. Tax incentives, such as deferred capital gains taxation, will be available for investments made in QOZs during this period. A significant portion of new QOZ designations, at least 33% (or all eligible rural areas if less than 33%), must be in entirely rural communities. In a recent report from ATTOM, 3,558 opportunity zones around the United States with sufficient data were analyzed (meaning they had at least five home sales in Q1 2025) and found that median sin- gle-family home and condominium prices increased from Q4 2024 to Q1 2025 in 48% of Opportunity Zones nationwide. "Home-value patterns inside Op- portunity Zones remain pretty much in lockstep with the rest of the country, just as we've seen ever since we started looking at this niche of the market. From one to another, those very local markets remain volatile, with troubling signs in the very lowest-priced areas. But the big picture shows remarkable, and mostly positive, consistency," said Rob Barber, CEO of ATTOM. The Creation of Tax-Advantaged Child Investment Accounts President Trump's 2017 tax cuts tem- porarily boosted the maximum child tax credit to $2,000 from $1,000, a move set to expire after 2025 without action from Congress. The One Big Beautiful Bill Act would make the $2,000 credit permanent and raise the cap to $2,500 from 2025 through 2028. After 2028, the credit's highest value would revert to $2,000, and be indexed for inflation. The child tax credit supports U.S. families and could help with housing affordability. "Provisions supporting homeowner- ship, including those related to mortgage interest and capital gains exclusions, help provide certainty for buyers, sellers, and lenders alike—strengthening the entire housing ecosystem," said American Land Title Association (ALTA) CEO Diane Tomb. "We urge the Senate to build on this momentum and protect the real estate and housing incentives that help Americans build wealth, promote gener- ational stability, and drive our economy forward." "Provisions supporting homeownership, including those related to mortgage interest and capital gains exclusions, help provide certainty for buyers, sellers, and lenders alike—strengthening the entire housing ecosystem." —Diane Tomb, CEO, American Land Title Association