Transferable Tax Credits in 2025: The Buyer Perspective

The transferable tax credit market remains active and resilient even in a fluctuating policy landscape. Activity in Q1 2025 is exceeding what we experienced at the same time last year.

To understand this better, we conducted an in-depth survey of senior tax leaders from large corporations who have been in the market to purchase tax credits. Key findings:

  • More than half of buyers are maximizing credit purchases to the legal limit
  • Credits from investment-grade sellers are commanding a clear premium, with over 60% of buyers saying they’re willing to pay a 1-to-2-cent premium
  • Over 70% of buyers require C-suite approval to transact
  • Buyers can capture lower prices by transacting earlier in the year or purchasing credits with more complexity
  • Buyers need to be prepared to move rapidly to win high-quality deals, which often clear the market in less than two weeks

Learn about what buyers are saying about 2025, and how Reunion is reacting to a dynamic market to help buyers, sellers, and the partners who support them.

Additional Resources

Guides and handbooks from Reunion.

November 4, 2024

Section 45 PTC Due Diligence Guide

A roadmap for assembling a due diligence package that satisfies the documentation needs of enterprise tax credit buyers, and provides tax credits sellers with insights on the type of documentation they will need to prepare.

Guide

October 10, 2024

Q3 2024 Market Intel: Transferable Tax Credit Pricing and Market Trends

Leveraging verified data from ~$10B of cumulative transaction volume, our quarterly market intel report explores pricing, market participation, and emerging commercial trends across §48 ITCs, §45 PTCs, and §45X AMPCs.

Guide

August 22, 2024

Section 48 ITC Due Diligence Guide

A roadmap for assembling a due diligence package that satisfies the documentation needs of enterprise tax credit buyers, and provides tax credits sellers with insights on the type of documentation they will need to prepare.

Guide

August 1, 2024

Transferable Tax Credit Handbook Version 3.0

A comprehensive guide to buying and selling tax credits. Navigate the transferability process from start to finish, from identifying appropriate credits to due diligence and legal documentation

Guide

April 8, 2024

Transferable Tax Credit Payment Structures

Examine four payment structures under which corporate taxpayers can realize most or all of the benefit of a tax credit before paying the seller.

Guide

February 5, 2024

Timing of Transferable Tax Credit Purchases

Transferable tax credits are a useful tool for profitable companies looking to manage their tax position. When buying transferable tax credits, however, companies must consider their tax year-end in conjunction with that of the seller in order to claim the credits correctly and to the greatest extent possible.

Guide

September 27, 2023

Economic Model for Tax Credit Buyers

Download our transferability economic model for corporate taxpayers and align it with your company's fact pattern to ensure that you are aware of the post-tax nature of tax credit return metrics.

Guide

Reunion Accelerates Investment Into Clean Energy

Reunion’s team has been at the forefront of clean energy financing for the last twenty years. We help CFOs and corporate tax teams purchase clean energy tax credits through a detailed and comprehensive transaction process.

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