MVM Helps Pennsylvania Tech Firms Get More than $8 Million In Cash Benefits
FORT WASHINGTON, Pa., March 11, 2013 /PRNewswire/ -- MVM Associates, Inc. announced today that they helped secure over $8 Million for more than 50 Pennsylvania technology firms by obtaining and selling transferable technology tax credits on their behalf.
"By helping our clients secure and sell these tax credits, they were able to raise non-dilutive capital for their businesses," said Michael McCann, MVM Associates President. "Many companies qualify to participate in tax incentive programs that can generate cash and aren't even aware of it. We want to help more firms capitalize on these opportunities in 2013."
MVM Associates helps their clients by identifying programs that offer sellable tax credits and then individuals and corporations with large Pennsylvania tax liabilities buy the credits. They negotiate the sales, facilitate the transfer and then distribute the funds to the technology firms after the credits are sold.
"MVM helped us secure $100,000 in benefits from a Pennsylvania program which will help us continue to grow our business," said Lance Bachmann, CEO of 1SEO, one of the area's fastest growing technology companies. Bachmann continued, "We were very happy with MVM's service as they handled the work involved with obtaining these funds which allowed us to continue focusing on our business."
Pennsylvania is one of the few states with tax programs that directly benefit young technology firms. The benefits are provided as a sellable tax credit through programs including the Keystone Innovation Zone, Research and Development Tax Credit and others. Since participating technology firms are typically young and without a sizeable tax liability, the state allows them to transfer these credits to other taxpayers that can use the credit. The proceeds then go back to the technology firm.
"Even if firms are aware of some of these programs, they often don't know if they're eligible, don't know how to apply or need help finding buyers. That's where we come in," says McCann. "There's money available to companies to help grow their businesses, and we can help them qualify for it."
About MVM Associates
MVM Associates is an economic development consulting firm specializing in helping companies identify, obtain and sell tax credits in Pennsylvania. Founded in 1997, MVM has assisted companies secure and sell over $250 Million in Tax Credits.
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SOURCE MVM Associates