A Kansas company has created a national online marketplace for matching buyers and sellers of transferable state tax credits.
An estimated $1 billion in transferable state tax credits are authorized every year in the U.S. Many of these tax credits are issued to individuals and businesses that cannot fully utilize them. Historically, sellers of state tax credits have navigated a maze of informal networks and contacts to find buyers, often working with limited information about their credits and their value.
"With the introduction of Baxi's online marketplace, sellers of state tax credits get immediate access to buyers and a market price is quickly established," said Baxi Tax Credit Exchange president Michael O'Shaughnessy in a statement. "In addition, buyers can efficiently browse state tax credits available for purchase and can even choose to receive e-mail alerts when new tax credits are posted for sale."
Transaction specialists manage the process, from pre-sale due diligence through execution of tax credit transfers and settlement, and then receive a transfer fee based on a percentage of the sale price.
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