Jeff Jacobson, President of Clocktower Tax Credits, LLC, is pleased to announce the hiring of a new Associate in the Film and Digital Media sector of its tax credit brokerage practice.  We welcome Haley Ricker of Los Angeles, CA to the firm, effective July 2023.

“We are thrilled to welcome our new Acquisitions Associate,” Jeff noted.  “With a background in the film industry, Haley will bring fresh and creative ideas to our tax credit financing opportunities.”

Haley joins Clocktower with experience in both the entertainment industry and legal field.  Most recently, she was employed at a feature film sales, finance, and production company based in Los Angeles.  During her time there, she actively contributed to numerous productions, taking part in various stages from initial development to final delivery.  With this background, she is well-equipped in the pursuit of tax credit opportunities and evaluating potential financial investments.

Clocktower continues to be one of the nation’s premier brokers of both State and Federal Tax Credits, serving industries including Real Estate, Renewable Energy, Film and Digital Media, and Economic Development.  With over 1000 successful transactions behind us, we maintain a track record and reputation that is second to none.  Clocktower has raised over $500 million in tax equity from our Bank, Insurance, and Corporate investors.

Haley is the contact point for Producers looking to finance and sell their production tax credits; she can be reached at (978) 793-6694 and HRicker@ClockTowerTC.com.  To schedule a meeting with any Clocktower associate, or a phone call or Zoom session, please call President Jeff Jacobson at (978) 823-0200 or email him at JJacobson@ClocktowerTC.com.

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.

Today, income tax credit incentives are available in all 50 states and the majority of the states have specific credits that can be allocated or transferred to another taxpayer.  This has attracted many individuals and companies that are generating their first tax credit award that they will look to sell to a taxpayer who can better use the tax benefit.  Understanding how to maximize the value of the tax credit award is where a tax credit broker comes into the picture.

Tax credit prices are constantly changing and many transactions are negotiated down to a fraction of a penny per dollar of credit.  Having a broker with their finger on the pulse of the market will ensure you are being compensated fairly and not leaving money on the table.  As important as pricing is to the transaction, timing also plays a key role.  Understanding what information the government agency that oversees the transfers is looking for, when they need it and how they want it assembled, makes for a smooth sale process.  Tax credit brokers know this in advance, saving you time and money, all while keeping the government agencies happy.  We also have the tax credit investor to consider, many of which are banks, insurance companies, large corporations and high net worth individuals.  They all want to know they are buying a credit with as little risk as possible, and any perceived risk is factored into the pricing of the credit.  Because of this, many large companies prefer to acquire tax credits through brokers that they have used and trust, again making for a more streamlined and efficient process.

Utilizing a tax credit broker allows both parties to focus on their core business, while ensuring that the transfers happen correctly and on time.  In this manner, tax credits become excellent investment vehicles, which can provide benefits for years to come.  The tax credit broker is a dedicated resource whose sole responsibility is to ensure the most streamlined process when tax credits are sold.  To obtain maximum value from a tax credit, using a tax credit broker will be one of the best decisions you will make.  The sooner you can involve the tax credit broker, the sooner they can provide guidance and identify the best approach moving forward.  Clocktower has been assisting its clients for over 12 years and is always available for a consultation about your specific opportunity.

To schedule a meeting with any Clocktower associate, or a phone call or Zoom session, please call President Jeff Jacobson at (978) 823-0200, or email him at JJacobson@ClocktowerTC.com.

Congratulations are in order for Economic Growth Corporation, as they have just finished the rehabilitation of the Wilson Building in Clinton, Iowa.  The property, now called Wilson Lofts, has been repurposed into 33 residential apartments and a kitchen and retail business incubator in the ground floor retail space.  All of this rehabilitation work was done in line with historic rehabilitation standards. President/CEO Brian Hollenback and the rest of the development team have been working on the rehabilitation plan since 2013, making the construction completion a tremendous milestone for the team a decade in the making!

Clocktower was able to provide the $3 million in Federal Historic Tax Credit and Iowa Brownfield Tax Credit equity, two important sources among the more than ten different parts of the capital stack which came together to create a great resource for the Clinton community.  These funds also enabled the development to be completed within historic standards, preserving the charming character of the tallest building in downtown Clinton.

Clocktower stands ready to help all Midwest historic tax credit developers looking to preserve real estate through the use of Federal and State incentives of all sizes.  If there are any questions or similar projects seeking a tax credit equity source or a path for tax credit eligibility, in Iowa or beyond, please reach out to David Curtis at (978) 440-0742, or email him at DCurtis@ClocktowerTC.com.  

Jeff Jacobson, President of Clocktower Tax Credits, LLC, is pleased to announce the hiring of a new Senior Associate, Dave Auster of North Carolina, to the tax credit brokerage practice, effective January 1, 2023.  “We enter the new year with great excitement,” Jeff exclaimed.  “With the tremendous expansion of Renewable Energy tax credits from the Inflation Reduction Act of 2022, opportunities abound for both new and existing Developers to monetize their tax benefits, as well as for new and experienced Investors to avail themselves of these exciting new tax savings programs.  Clocktower is staffing up to accommodate the surge in transaction volume that has already begun and will accelerate as new credits become available in 2023.”

Dave Auster is a 20-year veteran of Tax Incentives, having spent the last 12 years with Thomas & Company as their VP of Business Development in the Tax Credit division.  While he worked with tax credit programs throughout the US, his primary focus was in Pennsylvania and New Jersey.  Prior to that, Dave was a National Account Corporate Sales Manager for ADP Tax Credit Services, advising clients and prospects of the available programs they could leverage based on current and future business activity.  Dave will focus on originating real estate and economic development incentives, as well as managing Corporate investor relations.

Clocktower continues to be one of the nation’s premier brokers of both State and Federal Tax Credits, serving industries including Real Estate, Renewable Energy, Film and Digital Media, and Economic Development.  With over 1000 successful transactions behind us, we enter 2023 with a track record and reputation that is second to none.  Clocktower has raised over $500 million in tax equity from our Bank, Insurance, and Corporate investors.

Dave Auster can be reached at (978) 793-6600, or by email at DAuster@ClocktowerTC.com.  To schedule a meeting with any Clocktower associate, or a phone call or Zoom session, please call President Jeff Jacobson at (978) 823-0200, or email him at JJacobson@ClocktowerTC.com.