As the new decade begins, Clocktower Tax Credits embarks on its 10th year of operations as one of the nation’s leading brokers of State and Federal Tax Credits. Clocktower opened its doors in July 2010, as the nation was heading out of recession, and corporate profits were scarce. Developers and producers earning tax credits needed to find new buyers and investors who could use the tax credits efficiently, and pay a sufficient price such that their projects remained economically feasible. Hence, Clocktower was born to fill that need!
From the six tax credit transactions closed in 2010 to the sixty-three transactions closed in 2019, Clocktower has raised over $450 million dollars in tax credit equity, and contributed to the development and production of over $2 billion in real estate, renewable energy, and motion picture/digital media projects. “Each of our transactions is a Win-Win-Win deal,” said President and Founder Jeff Jacobson. “The developer wins by completing its project, the investor wins by saving on its taxes, and the tax credit agency wins by seeing its public policy fulfilled through the completion of a project not otherwise achievable.”
Clocktower continues to mine the nation for tax credits, covering about 75 different tax credit programs, with new ones becoming available every month. “While we occasionally see a tax credit program paused or discontinued, we have states approving new economic development programs every legislative cycle,” Jacobson said. Acquisition Associates Sue Ellyn Idelson and David Curtis research these new programs and reach out to program participants to offer their services, creating new opportunities to save corporate taxes while proving out the efficacy of these new programs. “With $50 million in new annual State Historic Tax Credits available starting in 2021, California is a perfect example of a new program designed around tax credit incentives,” Curtis noted. “Clocktower has the knowledge and experience to find the right buyers for these emerging programs.”
Jacobson reflects on his almost three decades in the tax credit industry, and is more excited than ever to celebrate Clocktower’s tenth year in business. “We must be scoring well on search engines, as more developers searching for “Tax Credit Buyers or Brokers” are calling us to help them raise money,” he said. Even after almost a thousand closings, he looks forward to helping all the parties “win” on the very next transaction. Tax credit sellers should contact Sue Ellyn Idelson at (978) 793-9574 or SIdelson@ClocktowerTC.com or David Curtis (978) 440-0742 or DCurtis@ClocktowerTC.com, with details on their upcoming projects.