Thanks to some incredible lobbying efforts, the Florida Voluntary Cleanup Tax Credit (VCTC) Program is increasing its award allocation from $10 million a year, all the way up to $35 million a year. And the allocation will remain at that amount for at least the next 5 years. To put that into perspective, Florida enacted the VCTC program in 1998 and the program had a $2 million annual allocation, more than enough to support the handful of applications for this incentive to remediate pollution at contaminated properties. Today, the FL Department of Environmental Protection (DEP) is processing over 125 applications each year, due to the increased funding the program has received.
Clocktower Tax Credits has been involved with this program since its inception and transferred the first VCTC certificates in the state! To date, Clocktower has brokered the sale of over 40% of all VCTCs sold, and for good reason. We get the job done! Tax credit awards vary greatly in size, ranging from a few thousand dollars up to the program cap of $500,000, not including bonus awards. Clocktower has an established track record of placing all credit sizes and helping sellers get the most for their tax credits.
The FL DEP is currently working to clear out a backlog of applications which occurred when the program was funded at $10 million annually. For the last few years, sellers had to wait a year or more to get their credit certificates, with an annual July cycle when the next fiscal year funding occurred. But with $35 million now available, the DEP will begin processing the certificates on a rolling basis. This places tax credit certificates in the hands of sellers that much faster, and working with an experienced tax credit broker in Clocktower means having the cash proceeds from the sale just as quickly.
Give us a call today and let’s discuss your tax credits. Dave Auster, Senior Associate, can be reached at (978) 793-6600, or by email at DAuster@ClocktowerTC.com.