South Carolina- based Tax Credit Marketplace, LLC (“TCM”)’s 2023 Fund closed December 31, 2023 generating over $31.1 million in South Carolina income tax credits, a 35% increase over 2022. The 2023 Fund invested in 19 qualifying rehabilitation projects in 10 counties across South Carolina (Anderson, Charleton, Clarendon, Greenville, Kershaw, Oconee, Orangeburg, Richland, Spartanburg, and York). The total development costs of the fund’s projects exceeded $163 million.
Each year, TCM establishes an annual fund to invest in tax credit-generating projects completed within the same year. The Fund provides developers a single source to monetize their tax credits. By purchasing limited ownership interest in the projects, the Fund is allocated all, or a portion, of the projects’ tax credits during the credit's utilization period. The Fund investors can subscribe to the available tax credits to reduce their South Carolina state tax liability.
The 2023 Fund included projects from multiple asset classes, including retail, office, hospitality, multi-family, and mixed use. In addition to the Fund’s state abandoned building, historic, and textile credit projects, TCM placed $2.83 million in Federal Historic tax credits, $253,000 in Angel Investor credits, and consulted on a variety of development projects across the state.
“We assist developer partners in structuring their projects to fully leverage these tax credits.” says Josh Workman, CEO, Tax Credit Marketplace. “We work with their teams to review documents to ensure that the tax credits are generated in accordance with applicable laws and regulations. These projects often generate more tax credits than a development team can utilize internally. TCM offers these developers a platform to monetize these excess tax credits, resulting in additional project cash flow that would otherwise be missed. We’re on track for future funds to be even larger based on developer momentum, consistent investor demand, continued job growth, and positive migration.”
About Tax Credit Marketplace, LLC:
Tax Credit Marketplace, LLC is South Carolina’s largest company specializing in monetizing Tax Credits. Through its various Funds, TCM invests in real estate projects that generate tax credits under one of the Revitalization Acts currently offered in South Carolina and at the Federal Level. These Credits are used by accredited investors, corporations, and institutions to reduce their State or Federal tax liability. To date, TCM and its principals have monetized over $140 million in Tax Credits.
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