WASHINGTON, DC—The 51-49 passage early Saturday morning of the Senate's tax reform package brought mainly positive response over the weekend from industry groups, who saw good news in areas ranging from commercial real estate finance to small businesses. “The vote by the United States Senate is another step forward for pro-growth tax policy,” says Jeffrey DeBoer, president and CEO of the Real Estate Roundtable.

Although the process of reconciling the two legislative chambers' tax-reform packages has yet to be finalized, DeBoer notes that many provisions in the House and Senate bills “are designed to boost wages, job creation and the overall economy. The proposed new pass-through tax regime, structured differently in each bill, is potentially one of the more significant new incentives to attract growth capital to businesses of all types and sizes. We look forward to working with lawmakers in the days ahead to help ensure that this concept achieves its full potential.” (For more detail on the Senate bill's treatment of CRE, click here.)

For example, the New York Times reported Sunday that investments in mortgages held by REITs would be able to take advantage of the lower pass-through rate instead of being taxed at the higher ordinary income rate. Certain income from gas and oil operators would also qualify for the new, lower rate, in an amendment offered by Sen. John Cornyn (R-TX).