Greenville Company Announces Completion of 2014 SC Revitalization Fund for State Tax Credits
January 28, 2015
GREENVILLE, SC – Greenville-based Tax Credit Marketplace LLC (“TCM”) announces the successful closing of the 2014 SC Revitalization Tax Credit Fund, LLC (“The 2014 Fund”). The 2014 Fund was established to invest in real estate projects which qualify for any of the three Acts which permit developers to generate revitalization tax credits in South Carolina. These credits are then allocated to Fund investors. The 2014 Fund invested in Textile credits originated from the redevelopment of a former Textile facility. The Project’s developer benefits from the additional capital invested into the Project and The 2014 Fund’s investors benefit by receiving tax credits to be applied to their SC tax liabilities. “It is a win-win” says TCM CEO John W. Boyd. Similar to Textile credits, South Carolina tax credits can also be generated from redevelopment of abandoned buildings and/or big box retail projects of a certain size.
TCM, through its funds and its web-based marketplace enables developers of projects located in South Carolina to monetize their tax credits earned, bringing additional and often substantial dollars back into their projects. “TCM’s website allows accredited investors to register on-line and research upcoming tax credit-generating projects, potentially invest in projects and receive an allocation of credits, thereby reducing the investor’s out of pocket payment of South Carolina income taxes” say Michael Wolf, VP of Business Development. TCM currently has several potential projects in various stages of due diligence for the 2015 and 2016 Funds. This monetization of credits improves the popularity and usefulness of the Acts, both to developers and investors of all types looking to reduce their state tax burden.
As of December, 2014, the principals of TCM have successfully facilitated the allocation of approximately $10 mm in South Carolina Tax Credits. TCM is looking statewide for additional projects coming on line in 2015 and 2016 for subsequent Fund investment.
About Tax Credit Marketplace, LLC
The Greenville-based Tax Credit Marketplace, LLC matches developers and property owners who generate state tax credits under one of three Revitalization Acts currently offered in South Carolina with accredited investors, corporations and institutions interested in using the credits. The process allows developers to monetize their tax credits, bringing additional, often substantial dollars back into their projects. The process is completed in part through TCM’s web-based platform that allows accredited investors to research an offering, potentially invest in projects and receive an allocation of credits.
