Moss Adams LLP, the big Seattle-based accounting and business consulting firm that also operates the largest accounting firm operation here, has launched the Moss Adams Tax Credit Exchange, an online marketplace for buying and selling tax credits. 

The exchange, launched earlier this month, enables members to trade tax credits across a number of participating jurisdictions.

“We’re proud to bring the exchange to our clients and future members and expect it to transform the way tax credits are purchased and sold,” says Rob O’Neill, state and local tax partner at Moss Adams and leader of the firm’s transferable tax credits practice. “Through this new digital marketplace, exchange members will gain transparency and real-time access to buyers and sellers across the nation and reduce the time it takes to complete a tax-credit transaction.”

In the past, buyers and sellers had limited visibility into the transfer of credits, and executing on deals was a time-consuming process. With the new exchange, sellers can easily match up with buyers, converting credits they can’t use into cash they can reinvest in their business, Moss Adams claims. And buyers can conveniently buy those credits online, helping them offset state taxes owed, the firm says.

Moss Adams has been involved in transferable state tax credits since 2007, assisting with the transfer of $500 million in such credits. O’Neill asserts, “Large corporations, high net-worth individuals, and the businesses generating transferable tax credits have all been waiting for something like this.”

The Moss Adams Tax Credit Exchange uses the Online Incentives Exchange (The OIX) software system, which it says gives users the ability to bring their activities online efficiently.