Clocktower Tax Credits, LLC is enjoying a banner year during its 10th anniversary of helping corporations nationwide save on their State and Federal income taxes. In spite of the COVID-19 pandemic that has disrupted commerce for most of the calendar year, Clocktower has successfully raised millions of dollars for much needed economic development projects.
At the mid-year point, Clocktower has closed over 40 separate tax credit transactions, a record pace for the firm. “We have sold over $43 million in state tax credits alone, covering 13 states from Rhode Island to Hawaii, and from development programs as diverse as Film, Historic Buildings, Wind Energy and Affordable Housing,” according to President Jeff Jacobson.
Part of the success of Clocktower is due to the lengthy time horizon that the firm respects in its projects. “As a tax credit investment broker, we work with both Developers and Film Producers to budget, schedule, gain approval, and ultimately develop and complete their projects,” Jacobson noted. “And then it may take up to a year to certify the project costs and generate the tax credits from their state agency. At the proper time in this process, we bring the opportunity to the investor market to determine the best fit for providing equity.”
Given this timeframe, it’s clear that the current economic pandemic only affects a portion of the development process. However, that portion may be crucial, and it may entail finding a replacement investor for one whose tax liability significantly decreased. “Our real expertise,” Jacobson pointed out, “is in identifying buyers whose appetite for tax credits is healthy within very specific jurisdictions. Even while many tax credit investors are sidelined, we bring huge value in knowing how and where transactions can still be completed. Our track record here in 2020 proves that.”
For more information on how Clocktower can help Developers or Producers sell tax credits into this difficult marketplace, please call Jeff Jacobson at (978) 823-0200, or email him at JJacobson@ClocktowerTC.com.