Investor Update — Opportunity Zone (OZ) Policy Extension

Policy Update

In July 2025, the One Big Beautiful Bill Act (OBBBA) permanently extended the Opportunity Zone program. Key changes:

1. Rolling 5-year deferral — each new investment defers capital gains for 5 years from the investment date.

2. 10-year gain exclusion remains intact; 5-year step-up retained (30% for rural funds).

3. Stricter zone designation standards, with reviews every 10 years.

Panorama’s Position

In 2021, Panorama invested in four OZ projects through a Qualified Opportunity Fund. Benefits secured:

1.Capital gains deferred until 2026.

2.10-year tax-free exit on future appreciation.

These projects deliver both investor tax advantages and community impact.

Impact

1. Existing Investors: Protected under grandfathering — 2021 projects remain eligible for all tax benefits despite future zone re-drawing.

2. Future Investors: Extended entry window; rolling deferral and rural fund incentives create new opportunities, but zone eligibility must be monitored.

Panorama will continue to leverage OZ opportunities and policy stability to deliver long-term, sustainable, and tax-advantaged returns for investors.

If anyone is interested in exploring these OZ projects, please feel free to reach out for consultation.