Questions? Please Contact Us

News

eTax Credit Exchange Closes $350,000 Seed Round; Brings Tax Credit Trading Online

May 30, 2012 Media Coverage

It’s finally here: an online tax credit exchange to buy and sell all those state and federal tax incentives offered for economic development.

eTax Credit Exchange Closes $350,000 Seed Round; Brings Tax Credit Trading Online

May 30, 2012 Silicon Bayou News

I’ve heard people talk about doing this for years and now it’s finally here: an online tax credit exchange to buy and sell all those state and federal tax incentives offered for economic development.

eTax Credit Exchange, the online marketplace for trading tax credits, has closed more than $350,000 in seed funding to develop its proprietary tax credit trading platform.

More importantly, its being launched by the right person: Peter Loop, the former Louisiana Film Commissioner. In addition to working as the state’s top man, Loop helped create the state’s film tax credits and also founded Loop Garou Entertainment, a full-service film and television production company offering tax credit financing, producing and production services.

As the tax credit industry continues on its rapid pace of growth, eTax Credit Exchange aims to bring greater access transparency, efficiency and uniformity to the industry through the trading of tax credits on its online marketplace, allowing buyers and sellers to gain direct access to tax credit trading in real time, and provide efficient clearing.

“The use of tax credits by states as an economic development tool is increasing exponentially, even though the ability to participate in trading has been limited to a small group of individuals,” said Loop. “Through our proprietary online marketplace, we will open up this $7 billion industry to all buyers and sellers interested in taking part in this growing and compelling asset class.”

“Having an online marketplace for trading tax credits has the potential to redefine the tax credit industry,” said Tim Clawson, executive vice president of The Weinstein Company. “Allowing buyers to gain access to tax credits generated every year will open up the market and create a much more robust and efficient marketplace overall.”

At first, the platform will focus on trading film tax credits, new market tax credits, and historic tax credits, eventually opening up to all types of tax credits. The company is based in New Orleans.