The budget reconciliation package, commonly referred to as the One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump on July 4, 2025, and contains significant tax changes and spending cuts, including modification to the qualified opportunity zone (QOZ) program.

This new law provides a revised framework for the QOZ program by creating a new round of designations, adjusting investment incentives with a focus on rural areas, and implementing strict reporting requirements. These changes are important for real estate investors, developers and fund managers to know because:

 

The clock is ticking. Existing QOZ benefits sunset after 2026. Anyone relying on those incentives needs to act now or adjust strategy. New opportunities are ahead. A fresh round of zone designations means new places to invest with potentially better tax advantages, especially in rural areas. The rules are s