NEW ORLEANS, LA--(Marketwire - May 30, 2012) - eTax Credit Exchange, the online marketplace for trading tax credits, today announced that it has closed more than $350,000 in seed funding to develop its proprietary tax credit trading platform.
As the tax credit industry continues on its rapid pace of growth, eTax Credit Exchange will 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 Peter Loop, CEO, president and founder of eTax Credit Exchange. "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, a multimedia production and distribution company and a generator of tax credits in multiple states. "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."
About eTax Credit Exchange
eTax Credit Exchange is the online marketplace for trading tax credits. Established in 2011, the company will bring together buyers and sellers to trade tax credits in an efficient, transparent marketplace on its proprietary trading platform. Tax credit generation is reported to be a $7 billion market but has historically been fragmented with transactions inefficiently executed. For more information visit: http://www.etaxcreditexchange.com.
Contact Information:
Press Contact:
Laurie Azzano
eTax Credit Exchange
415.786.3317