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On July 4, 2025, President Donald J. Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. Congress passed the OBBBA through budget reconciliation, a special legislative process that allows Congress to advance certain tax, spending, and debt limit legislation with a simple majority vote in the Senate so long as the legislation does not increase the federal budget deficit outside a 10-year budget window.

On July 1, 2025, a little over two weeks after the Senate Finance Committee released its draft tax title (the “Initial Senate Draft”), the U.S. Senate secured sufficient votes to advance its version of the “One Big Beautiful Bill Act” (the “OBBBA”) — a comprehensive budget reconciliation bill — back to the House of Representatives, which voted in favor of the bill on July 3, 2025.

The Texas Legislature was active this Session in proposing and passing bills that seek to restrict foreign ownership of real estate and businesses in Texas.

On June 16, 2025, the Senate Finance Committee released its draft tax title for inclusion in the Senate’s version of the budget reconciliation bill, known as the “One Big Beautiful Bill Act” (the “OBBBA”).

V&E REIT and Real Estate partners, Brent Abbott at Pacolet-Milliken, and Anthony Scavo at Basis Industrial discussed Preferred Equity and Mezzanine Debt Investments in Commercial Real Estate.

Vinson & Elkins attorneys discussed commercial real estate loan workouts and amendments: the path most often taken by commercial real estate lenders in 2023 when a borrower is facing a default.

On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California (“SVB”) and subsequently appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver thereof.

Vinson & Elkins attorneys discuss the various out of court considerations that commercial real estate enterprises will want to consider as they navigate the distressed environment that may lie ahead.

In this program, the V&E team discussed the current and future impact of the recently proposed Treasury Regulations under Sections 897 and 892 on foreign investment in real estate.

Partner Chris Mangin, with assistance from Partner Paige Anderson, led the ABA Section of Taxation’s comment letter (the “Comments”) on Treasury and the IRS’s recently proposed regulations under Sections 897 and 892 (the “Proposed Regulations”) regarding issues affecting foreign investment in U.S. real estate.

In this presentation, we discussed how real estate investors are integrating sustainability considerations into their investment processes, the growth of government regulation in the space, and more.