Fifth Year Results
Program Summary
State Fiscal Year 2004

Basking Ridge, NJ – March 2, 2004—Once again, the fifth year of the Tax Transfer Program was a complete success. A total of 190 companies applied of which 189 were approved. The State turned down one application due to a merger. We are pleased to report that TTC represented over 130 of the participating companies, and once again, placed approximately $27 million of the $38 plus million sold this year. TTC completed 134 closings within in the first two and a half weeks of December.

For the majority of our clients Tax Transfer performed a turnkey service.  We took our clients through the entire process by introducing and educating, completing two applications, following the applications through approval, arranging for legal services, preparing all documentation, marketing the credits, as well as going through escrow and the final closing.  All closings took place within 24 hours of receipt of the tax certificates. 

For the balance of our clients, Tax Transfer acted as a consultant, simply placing the sellers' credits with buyers.  These clients chose to file their own applications and only wanted the credits placed for them.  Tax Transfer was 100% successful in placing all clients' credits in a timely manner.

We are pleased to announce the continuation of the Tax Transfer Program for fiscal year 2005. TTC anticipates submitting over 225 applications on behalf of our clients prior to the June 30, 2004 deadline.

For more specific information please call us.
908-630-0087

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Revised: March 25, 2004