Developers were fearful that the special tax treatment of “carried interest” — fees that are taxed as capital gains, not income — would be amended, or that they would no longer be able to deduct interest expenses from their taxable profits. They were also concerned that certain exchanges of commercial property, which currently enjoy a tax deferral, would face immediate taxation.

But the bill included no such changes to the industry, and developers are thankful.

“I think Trump, having lived through a couple of real estate cycles, probably is in tune with this more than the average policy maker,” said Martin Schuh, the head of government relations at the CRE Finance Council, a commercial real estate advocacy group. “Him being an active industry participant gives him an insight that most folks don’t have.”

Mr. Trump is no stranger to how taxes can affect his industry. In 1991, he appeared before the House Budget Committee and laced into the tax overhaul ushered in by President Ronald Reagan five years earlier. Mr. Trump, a property developer at the time, said the legislation, which Republicans and the president himself now herald, was responsible for sinking commercial real estate prices and ushering in an economic downturn.

“This tax act was just an absolute catastrophe for the country, for the real estate industry, and I really hope that something can be done,” Mr. Trump said then.

This time Mr. Trump, who has the final signoff on any legislation, and his business empire have little to fear.