eTax Credit Exchange founders Peter Loop and Raelynn Tammariello Loop are working to change the online marketplace for buying and selling tax credits. The company recently launched in the Louisiana market, which brings the company one step closer to unlocking the $7 billion tax credit industry.
“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. eTax is the first nationwide platform for buying and selling certified tax credits, providing greater access, transparency and efficiency to the marketplace.
In the first three weeks of trading, eTax has transferred more than $12.2 million in tax credits. The company, “provides an efficient, secure and transparent trading marketplace that allows tax credit buyers to reduce their tax liability and helps tax credit sellers to monetize their credits faster and with a higher rate of return.”
“Trading of tax credits is a burgeoning industry, but its potential has been limited by restricted access to a closed brokerage trading environment,” said Peter Loop, co-founder and CEO of eTax Credit Exchange. “We’re turning the buying and selling of tax credits into a powerful financial instrument for all companies and individuals nationwide through the creation of our robust, transparent online marketplace.”
In 2012 alone, eTax Credit Exchange received $350,000 in seed funding, was chosen to be part of the Idea Village’s IDEAxcelerator class, and will be pitching next week at the Power Pitch during New Orleans Entrepreneur Week (NOEW). For more information, visit etaxcreditexchange.com.