Although the OBBBA’s tax and spending provisions tend to receive greater media attention, it also contains several provisions impacting employer-sponsored benefit plans. 

The Tax Cuts and Jobs Act (“TCJA”), which was signed into law on December 22, 2017, made some of the most significant changes to the tax law since the Tax Reform Act of 1986. 

The OBBBA has wide-ranging implications for the real estate market. Here are 10 things every real estate investor should know about the OBBBA.

The OBBB included an expansion of the qualified small business stock (“QSBS”) gain exclusion under Section 1202 of the Internal Revenue Code. This is important to practitioners, investors and owners of small businesses because the gain exclusion presents a valuable incentive for founders when raising capital and for investors when structuring their capital deployment.

On June 27, 2025, the Supreme Court issued its decision on review of three federal court orders that have blocked—on a nationwide basis—implementation of President Trump’s executive order restricting so-called “birthright citizenship” under the Fourteenth Amendment of the Constitution (whereby a child born in the United States “and subject to the jurisdiction thereof” is automatically deemed a citizen regardless of parental status).