ATLANTA, March 19, 2024 (GLOBE NEWSWIRE) -- Monarch Private Capital, a leading impact investment firm renowned for its development, financing, and management of a diversified portfolio of projects generating federal and state tax credits, announced today that it has reached a settlement with the North Carolina Department of Revenue (NCDOR) regarding the treatment of North Carolina tax credits. Under the terms of the agreement, NCDOR has committed to honoring all of the North Carolina tax credits reported by Monarch Private Capital's investors.
This settlement marks a significant milestone for Monarch Private Capital and its investors. All investors who received NC tax credits, either directly or indirectly from Monarch, will have 100% of their tax credits honored by the NCDOR and will be entitled to refunds and interest where applicable.
“Monarch's unwavering commitment to protecting our investors' interests has yielded a favorable resolution with the North Carolina Department of Revenue. We felt morally obligated to support our investors in persuading the NCDOR that the position it took was in error. After six years of confrontation and litigation with NCDOR, including the successful prosecution of three separate suits filed against NCDOR and spending millions of dollars in legal fees and expert witnesses, Monarch was ultimately successful. We were determined to ensure that our investors received not 90%, not 95%, but 100% of the NC credits that they expected to receive,” said George L. Strobel II, Partner, Co-Founder and Co-CEO of Monarch Private Capital. “This outcome not only assures our investors receive the benefits they deserve but also paves the way for continued investment in North Carolina's tax equity projects. We are proud to have played a proactive role in supporting economic growth and job creation in the state, underscoring our firm belief that state tax credit incentives are highly effective in driving positive change.”
Monarch Private Capital remains committed to advocating for its investors and ensuring the success of renewable energy projects, affordable housing projects and historic renovations across the nation. We are proud to note that after twenty years of business Monarch has never had an investor lose a single dollar of tax credits. For more information on Monarch Private Capital and tax equity impact investing, please contact George Strobel at gstrobel@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
CONTACT
Jane Rafeedie
Monarch Private Capital
jrafeedie@monarchprivate.com
470-283-8431
