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Tax credit disclosures
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Updated November 2026
Public company tax credit disclosure database
Reunion reviewed the 2025 and 2026 SEC filings of approximately 1,700 publicly traded companies to find which ones disclose buying or generating clean energy tax credits.
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Showing 234 of 234 companies
Market cap and income tax expense as of Nov 9, 2026
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| Company | Ticker | Industry | Type | Fiscal year end | Income tax expense (TTM) | Market cap | Disclosure | Notes |
|---|---|---|---|---|---|---|---|---|
| Alcoa Corporation | AA | Manufacturing | Generator | Dec 31 | -$49M | $11B | 2026-02-26 10-K | In 2025, Alcoa generated Section 45X credits from U.S. aluminum production, recognizing $63 million of benefits in cost of goods sold. |
| Arcosa, Inc. | ACA | Manufacturing | Generator | Dec 31 | $48M | $7B | 2026-02-27 10-K | In 2025, Arcosa generated $72.8M of §45X credits from wind tower production and sold $67.1M of 2025 credits. |
| Albertsons Companies, Inc. | ACI | Retail | Buyer | Feb 28 | $257M | $6B | 2026-04-27 10-K | Albertsons discloses a 'Gain on purchase of transferable credits' of $9.4 million, representing a 3.5% reduction of their effective tax rate. |
| Archer-Daniels-Midland Company | ADM | Manufacturing | Generator | Dec 31 | $182M | $33B | 2026-02-17 10-K | ADM's biofuel operations qualify for the §45Z clean fuel production credit, which it began recognizing in 2026. |
| Ameren Corporation | AEE | Utilities | Generator | Dec 31 | $136M | $32B | 2026-02-18 10-K | In 2025, Ameren Missouri transferred IRA PTC/ITC credits to unrelated parties for cash, generating $314M of proceeds. |
| American Electric Power Company, Inc. | AEP | Utilities | Generator | Dec 31 | $129M | $70B | 2025-10-29 10-Q | In the nine months ended Sept. 30, 2025, AEP sold transferable renewable energy tax credits under Sec. 6418, generating $102.2 million of proceeds. |
| The AES Corporation | AES | Utilities | Generator | Dec 31 | $417M | $11B | 2026-03-02 10-K | In 2025, AES recognized over $1.5 billion related to the monetization of tax attributes relating to U.S. renewables projects. |
| Federal Agricultural Mortgage Corporation | AGM | Finance | Buyer | Dec 31 | $48M | $2B | 2026-07-30 10-Q | In the three months ended September 30, 2025, Farmer Mac purchased $24.2 million in credits at prices ranging from $0.91 to $0.94 per dollar of credit, recognizing a $1.5 million tax benefit. |
| Assurant, Inc. | AIZ | Finance | Buyer | Dec 31 | $215M | $16B | 2026-05-07 10-Q | Assurant purchased transferable federal tax credits during 2024, with credit type and discount not specified beyond 'transferable federal tax credits.' |
| ALLETE, Inc. | ALE | Utilities | Generator | Dec 31 | $5M | $4B | 2025-10-31 10-Q | In the nine months ended Sept. 30, 2025, ALLETE generated PTCs/ITCs and sold transferable renewable tax credits, receiving $27.2 million of proceeds. |
| Amalgamated Financial Corp. | AMAL | Finance | Buyer | Dec 31 | $36M | $2B | 2026-08-04 10-Q | In addition to investing in tax credit equity investments, AMAL purchased a $0.5 million solar tax credit during Q2 2026. |
| Ameresco, Inc. | AMRC | Construction | Generator | Dec 31 | -$22M | $1B | 2026-03-03 10-K | In 2025, Ameresco generated transferable ITCs and sold credits under tax credit transfer agreements, with 2025 ITC sales of $132.4M and 2024 ITC sales of $47.5M. |
| Aemetis, Inc. | AMTX | Manufacturing | Generator | Dec 31 | -$20M | $130M | 2026-03-16 10-K | In 2025, Aemetis generated clean energy IRA credits (incl. §45Z PTCs) and sold transferable §48 ITCs to third parties, receiving about $18.0M of proceeds in 2025. |
| American Woodmark Corporation | AMWD | Manufacturing | Buyer | Apr 30 | $17M | $960M | 2025-06-25 10-K | American Woodmark paid $36.2 million to a third party for renewable energy credits, of which $18.9 million had been refunded to the Company as of April 30, 2025, and the remaining credits were utilized to offset fiscal 2025 estimated income tax payments. |
| The Andersons, Inc. | ANDE | Wholesale | Generator | Dec 31 | $19M | $2B | 2026-02-18 10-K | In 2025, the company generated $35.0M of Section 45Z clean fuel production credits and plans to use them to reduce income taxes. |
| Air Products and Chemicals, Inc. | APD | Manufacturing | Buyer | Sep 30 | -$76M | $69B | 2025-11-20 10-K | Income tax payments for fiscal year 2024 include cash paid to purchase $50.0 of transferable tax credits that were used to offset estimated tax payments in 2024. |
| Apollo Global Management, Inc. | APO | Finance | Buyer | Dec 31 | $1,276M | $72B | 2026-02-25 10-K | Within its Retirement Services segment (Athene), Apollo discloses investments in transferable energy tax credit structures. |
| Array Technologies, Inc. | ARRY | Manufacturing | Generator | Dec 31 | $7M | $800M | 2026-02-25 10-K | Array Technologies discloses generating §45X tax credits |
| AdvanSix Inc. | ASIX | Manufacturing | Generator | Dec 31 | -$6M | $420M | 2025-08-01 10-Q | In the nine months ended Sept. 30, 2025, AdvanSix generated IRC §45Q carbon capture tax credits and recorded ~$9.7M of discrete tax adjustments related to those credits. |
| Academy Sports and Outdoors, Inc. | ASO | Retail | Buyer | Jan 31 | $110M | $4B | 2026-09-09 10-Q | Academy purchased $38.1 million of energy credits under the new Inflation Reduction Act related to tax years ending February 3, 2024 and February 1, 2025 for a total purchase price of $35.8 million, resulting in a net tax benefit of $2.3 million. |
| ATI Inc. | ATI | Manufacturing | Generator | Dec 28 | $104M | $25B | 2026-02-20 10-K | ATI generated Advanced Manufacturing Production Credits (IRC 45X), recording $22.7M of AMPC benefits in FY2024 and $10.1M in FY2023 in cost of sales. |
| Atkore Inc. | ATKR | Manufacturing | Generator | Sep 30 | -$15M | $3B | 2025-11-26 10-K | For Q1 FY2025, Atkore generated IRA 45X solar manufacturing credits and transferred a portion to customers. |
| AptarGroup, Inc. | ATR | Manufacturing | Buyer | Dec 31 | $99M | $9B | 2026-02-06 10-K | AptarGroup paid $17.5M for transferable U.S. energy credits in 2025, which it included in income taxes paid. |
| AvalonBay Communities, Inc. | AVB | Finance | Generator | Dec 31 | -$1M | $26B | 2026-02-27 10-K | In 2025, AvalonBay sold solar tax credits from installation projects, recording a $1.135M tax benefit for the year. |
| AutoZone, Inc. | AZO | Retail | Buyer | Aug 29 | $615M | $52B | 2026-10-26 10-K | AutoZone discloses purchased tax credits of $251M, $369M, and $68M in 2025, 2024, and 2023, respectively. The company also discloses contractual obligations of $207M due in the next year related to transferable federal tax credits. |
| Ball Corporation | BALL | Manufacturing | Buyer | Dec 31 | $240M | $17B | 2026-02-19 10-K | Ball disclosed payments of $236 million in 2024 for purchases of transferable investment tax credits. |
| Best Buy Co., Inc. | BBY | Retail | Buyer | Jan 31 | $257M | $22B | 2026-03-18 10-K | Best Buy disclosed payments for purchased tax credits of $267 million, $103 million and $2 million, respectively, for fiscal years 2025, 2024, and 2023. |
| Bloom Energy Corporation | BE | Manufacturing | Generator | Dec 31 | $3M | $57B | 2026-02-09 10-K | Generates clean energy ITCs from fuel cell projects and monetizes the credits through tax equity financing structures. |
| Brookfield Renewable Partners L.P. | BEP | Utilities | Generator | Dec 31 | -$618M | $21B | 2026-02-27 20-F | In 2025, Brookfield Renewable signed a $111M tax credit transfer agreement in Q4 2025, reflecting monetization of ITCs and PTCs from renewable projects. |
| BJ's Wholesale Club Holdings, Inc. | BJ | Retail | Buyer | Jan 31 | $206M | $14B | 2026-08-25 10-Q | BJ's discloses $41.7 million paid for transferable credits during the thirty-nine weeks ended November 1, 2025 as well as $87 million expected to be paid in the first half of fiscal year 2026. |
| Black Hills Corporation | BKH | Utilities | Generator | Dec 31 | $44M | $7B | 2026-02-11 10-K | Black Hills sold its 2024 wind PTCs for $16.0M in January 2025 and its 2025 PTCs for $15.3M in January 2026. |
| Popular, Inc. | BPOP | Finance | Buyer | Dec 31 | $174M | $10B | 2026-08-07 10-Q | Popular discloses tax credit purchases during 2025. |
| Broadridge Financial Solutions, Inc. | BR | Services | Buyer | Jun 30 | $299M | $22B | 2026-08-04 10-K | Broadridge disclosed purchasing transferable federal tax credits during fiscal year 2025 at a discount, resulting in an income tax benefit. |
| Berkshire Hathaway Inc. | BRK | Finance | Generator | Dec 31 | $32M | $1,030B | 2026-03-02 10-K | In FY2025, Berkshire Hathaway’s subsidiaries generated $2B of wind production tax credits and recorded refundable Section 45X advanced manufacturing credits for U.S.-made battery components. |
| Burlington Stores, Inc. | BURL | Retail | Buyer | Feb 1 | $185M | $16B | 2026-08-27 10-Q | BURL discloses a "purchase of federal energy tax credits", driving a significant ETR reduction. |
| Blackstone Inc. | BX | Finance | Buyer | Dec 31 | $1,125M | $153B | 2025-02-28 10-K | Blackstone discloses that it has paid cash for transferable tax credits and specifies the accounting treatment for such payments, although it does not provide a breakout of specific amounts or credit types. |
| Boyd Gaming Corporation | BYD | Services | Buyer | Dec 31 | $491M | $6B | 2026-10-28 10-Q | Boyd Gaming entered into agreements to purchase $400.9 million of transferable federal energy tax credits during 2025 at a discount to face value, which resulted in a $24.8 million income tax benefit recorded during the year ended December 31, 2025. |
| Carrier Global Corporation | CARR | Manufacturing | Buyer | Dec 31 | $306M | $44B | 2026-10-29 10-Q | Carrier purchased investment tax credits from a third party during 2025, resulting in a $16 million tax benefit. |
| Pathward Financial, Inc. | CASH | Finance | Generator | Sep 30 | $37M | $2B | 2026-02-05 10-Q | In Q1 FY2026, Pathward originated $19.7m in renewable energy leases generating $5.2m in net investment tax credits (vs. $9.3m leases/$3.2m net ITCs in Q1 FY2025), with credits recognized ratably over the fiscal year. |
| CBRE Group, Inc. | CBRE | Finance | Buyer | Dec 31 | $318M | $40B | 2025-02-14 10-K | CBRE discloses a $37 million purchase of transferable tax credits from third parties in 2024. |
| CBIZ, Inc. | CBZ | Services | Buyer | Dec 31 | $42M | $3B | 2026-10-30 10-Q | CBIZ discloses a "purchase of certain transferrable tax credits", driving a significant ETR reduction. |
| Constellation Energy Corporation | CEG | Utilities | Generator | Dec 31 | $934M | $98B | 2026-02-24 10-K | In 2024, Constellation sold $1.75B face value of 45U nuclear PTCs for ~$1.57B cash proceeds (plus $95M received in 2025). In 2025, it generated nuclear PTCs and recognized $320M of benefit. |
| Core Natural Resources, Inc. | CEIX | Mining | Generator | Dec 31 | -$80M | $4B | 2026-08-06 10-Q | Core Natural Resources discloses generating Section 45X Advanced Manufacturing Production Credits for metallurgical coal production. |
| Century Aluminum Company | CENX | Manufacturing | Generator | Dec 31 | $2M | $4B | 2026-03-03 10-K | In 2025, Century Aluminum generated about $92.9M of Section 45X advanced manufacturing production tax credits. |
| CF Industries Holdings, Inc. | CF | Manufacturing | Generator | Dec 31 | $375M | $17B | 2026-02-25 10-K | In 2025, CF Industries generated ~$42M of Section 45Q carbon sequestration tax credits from its Donaldsonville CCS project. |
| Choice Hotels International, Inc. | CHH | Services | Buyer | Dec 31 | $99M | $5B | 2026-08-05 10-Q | The company disclosed a purchase of transferable tax credits, structured as a 10-year agreement from 2025-2035 for approximately $125 million aggregate purchase price. |
| Clean Energy Fuels Corp. | CLNE | Utilities | Generator | Dec 31 | -$1M | $430M | 2026-02-24 10-K | On June 30, 2025, CLNE’s JV with bp sold $29.5M Section 48 ITCs for $27.2M of gross proceeds, generated from four dairy RNG facilities; the Company received a $0.7M guaranty fee. |
| Commercial Metals Company | CMC | Manufacturing | Generator | Aug 31 | $84M | $7B | 2026-10-16 10-K | Commercial Metals was awarded a §48C credit for its West Virginia micro mill and, in fiscal 2026, recognized an estimated gross federal tax credit of about $145.4M. |
| Comcast Corporation | CMCSA | Utilities | Buyer | Dec 31 | $6,106M | $87B | 2026-10-22 10-Q | Comcast discloses payments of $0.6 billion and $1.7 billion for 2025 and 2024 respectively related to the purchase of third-party transferable tax credits. |
| Chipotle Mexican Grill, Inc. | CMG | Retail | Buyer | Dec 31 | $474M | $45B | 2026-10-29 10-Q | Chipotle discloses $23M of tax credits applied in 2025, though this category may include both purchased transferable tax credits and other credits. |
| CMS Energy Corporation | CMS | Utilities | Generator | Dec 31 | $246M | $22B | 2026-02-10 10-K | In 2025, CMS Energy sold renewable energy tax credits to third parties for $36M of proceeds and expects an additional $32M of proceeds in 2026 from credits generated and sold in 2025. |
| Centene Corporation | CNC | Finance | Buyer | Dec 31 | -$51M | $34B | 2026-02-17 10-K | Centene discloses payments of $100 million and $49 million during the years ended December 31, 2024 and 2023, respectively for transferable tax credits. |
| CenterPoint Energy, Inc. | CNP | Utilities | Generator | Dec 31 | $175M | $27B | 2026-02-19 10-K | Centerpoint Energy Discloses generating Production Tax Credits (PTCs) from renewable energy projects. |
| CNX Resources Corporation | CNX | Mining | Generator | Dec 31 | $170M | $5B | 2026-10-29 10-Q | On July 1, 2026, CNX monetized tax credits through $30M sale, net of transaction costs. |
| ChoiceOne Financial Services, Inc. | COFS | Finance | Buyer | Dec 31 | $6M | $560M | 2026-05-11 10-Q | ChoiceOne's Q4 2025 tax expense was "reduced by a net of $340,000 as a result of purchasing a transferable tax credit that will be applied to 2025 income taxes, with allowable carrybacks to prior years". |
| Corebridge Financial, Inc. | CRBG | Finance | Buyer | Dec 31 | -$151M | $16B | 2026-04-22 10-K/A | Corebridge subsidiary American General Life Insurance Company (“AGL”) purchased approximately $173 million in tax credits on December 16, 2025, through Freshwater RTC Holdings LLC, an entity created for tax credit purchase opportunities with Blackstone. |
| California Resources Corporation | CRC | Mining | Generator | Dec 31 | $139M | $4B | 2026-03-02 10-K | CRC highlights its Carbon TerraVault CCS projects, which "depend on financial and tax incentives" like 45Q, along with the LCFS credit and other applicable programs. |
| Canadian Solar Inc. | CSIQ | Manufacturing | Generator | Dec 31 | $7M | $730M | 2026-04-10 20-F | In 2024–2025, Canadian Solar generated §45X advanced manufacturing credits and ITC/PTCs, monetizing them mainly via tax equity structures that brought in $226.9M and $207.7M of capital. |
| Carlisle Companies Incorporated | CSL | Manufacturing | Buyer | Dec 31 | $206M | $15B | 2026-10-29 10-Q | Carlisle discloses purchasing transferable federal tax credits during 2024 at negotiated discounts, resulting in an income tax benefit. |
| CSW Industrials, Inc. | CSW | Manufacturing | Buyer | Mar 31 | $37M | $5B | 2026-10-29 10-Q | CSW discloses a commitment to buy about $20 million tax credits before the end of fiscal 2027. |
| CSX Corporation | CSX | Utilities | Buyer | Dec 31 | $880M | $93B | 2026-02-12 10-K | CSX discloses $200 million of 'tax credits purchased' in 2025. |
| Cintas Corporation | CTAS | Manufacturing | Buyer | May 31 | $488M | $89B | 2026-07-29 10-K | Cintas discloses cash payments of $183.7 million to acquire transferable tax credits during fiscal 2026, with a (0.5)% impact on the effective tax rate. |
| Clearway Energy, Inc. | CWEN | Utilities | Generator | Dec 31 | $56M | $7B | 2026-02-24 10-K | In 2025, the company received $3 million from transfers of PTC/ITC credits and later received $282 million in cash in Jan 2026 from selling ITCs earned at a renewable facility. |
| Community Health Systems, Inc. | CYH | Services | Buyer | Dec 31 | $79M | $320M | 2026-10-29 10-Q | Community Health purchased $50 million of solar tax credits at a discounted amount of $47 million during the year ended December 31, 2025. |
| Caesars Entertainment, Inc. | CZR | Services | Buyer | Dec 31 | $18M | $6B | 2026-02-17 10-K | Caesars purchased $19 million of transferable tax credits from a third party in 2025. |
| Dominion Energy, Inc. | D | Utilities | Generator | Dec 31 | $387M | $60B | 2026-02-23 10-K | In 2025, Dominion Energy and Virginia Power sold transferable energy tax credits generated in 2024–2025, receiving $184M and $168M in cash proceeds, with additional $108M and $18M expected in 2026. |
| Dana Incorporated | DAN | Manufacturing | Buyer | Dec 31 | $23M | $2B | 2025-08-11 10-Q | DANA discloses 'the benefit of utilizing non-refundable tax credits purchased at a discount.' |
| Darling Ingredients Inc. | DAR | Manufacturing | Generator | Jan 2 | -$9M | $8B | 2025-11-05 10-Q | In Q3 2025, Darling agreed to sell $125.0M (face value) of §45Z production tax credits generated by its DGD JV to a corporate buyer. |
| Dream Finders Homes, Inc. | DFH | Construction | Buyer | Dec 31 | $85M | $1B | 2026-07-30 10-Q | Dream Finders discloses payments for purchased tax credits of $10.7 million and $36.6 million related to 2025 and 2024 income tax expense, respectively, for the nine months ended September 30, 2025 |
| HF Sinclair Corporation | DINO | Utilities | Generator | Dec 31 | $146M | $17B | 2026-02-27 10-K | In 2025, HF Sinclair generated clean fuel tax credits from its renewable diesel operations, reducing its effective tax rate by 1.0% (about $7 million), compared with larger benefits in prior years. |
| Company | Ticker | Industry | Type | Fiscal year end | Income tax expense (TTM) | Market cap | Disclosure | Notes |
|---|---|---|---|---|---|---|---|---|
| Doximity, Inc. | DOCS | Services | Buyer | Mar 31 | $37M | $6B | 2026-05-19 10-K | Doximity discloses 'Transferable federal tax credits payable' of $8.326 million in accrued expenses and other current liabilities as of June 30, 2025 (compared to $0 as of March 31, 2025). |
| Leonardo DRS, Inc. | DRS | Manufacturing | Buyer | Dec 31 | $58M | $10B | 2026-10-29 10-Q | Leonardo DRS purchased $25 million in transferable tax credits during 2024,paying $23 million and using them to offset their federal tax liability for 2023. |
| DTE Energy Company | DTE | Utilities | Generator | Dec 31 | $7M | $29B | 2026-02-17 10-K | In 2024–2025, DTE Energy sold transferable clean energy PTC/ITC tax credits, receiving $268M in 2025 and $231M in 2024 (net of discount). |
| Duke Energy Corporation | DUK | Utilities | Generator | Dec 31 | $642M | $100B | 2026-08-04 10-Q | In April 2026, Duke Energy agreed to sell up to $3.1B of net tax credits, including nuclear PTCs, solar PTCs and ITCs earned from 2025 through 2028, with proceeds expected from 2026 through 2029. |
| DaVita Inc. | DVA | Services | Buyer | Dec 31 | $293M | $12B | 2026-10-29 10-Q | DaVita purchased renewable energy credits in Q2 2025, disclosing that their income tax rate increase was 'partially offset by tax benefits related to renewable energy credits purchased in the second quarter.' |
| Enterprise Financial Services Corp | EFSC | Finance | Buyer | Dec 31 | $82M | $2B | 2026-10-30 10-Q | Enterprise Financial purchased $24.1 million of transferable solar tax credits from a solar provider, which were recaptured in Q3 2025 when the solar provider declared bankruptcy. The company has insurance coverage and anticipates receiving $32.1 million in insurance proceeds. |
| Edison International | EIX | Utilities | Generator | Dec 31 | $612M | $23B | 2026-02-18 10-K | In 2024, SCE generated ~$231M of storage investment tax credits and $29M of nuclear production tax credits, and in 2025 monetized most for $236M of cash proceeds. |
| Elevance Health Inc. | ELV | Finance | Buyer | Dec 31 | $1,049M | $90B | 2026-10-21 10-Q | Elevance Health discloses that it has purchased transferable investment tax credits |
| Enlight Renewable Energy Ltd | ENLT | Utilities | Generator | Dec 31 | $37M | $10B | 2026-03-30 20-F | In 2025, Enlight generated ITC and PTCs tax benefits of $93.7m and monetized credits via tax equity partnerships and direct tax-credit sales for cash, receiving $440.5m from tax equity investors. |
| Enphase Energy, Inc. | ENPH | Manufacturing | Generator | Dec 31 | $33M | $4B | 2026-10-27 10-Q | In March 2026, Enphase sold $235.0M of 2025 §45X AMPTC at 93% of face value; in June 2026 it agreed to sell about $150.0M of 2026 AMPTC at 93% of face value, and had sold $75.0M of it for about $69.8M by Sept. 30, 2026. |
| EnerSys | ENS | Manufacturing | Generator | Mar 31 | $52M | $5B | 2026-05-20 10-K | EnerSys generates IRC Section 45X production tax credits from manufacturing clean energy components. |
| EOG Resources, Inc. | EOG | Mining | Buyer | Dec 31 | $1,546M | $77B | 2026-08-04 10-Q | EOG Resources disclosed purchasing energy-related tax credits from third-party sellers during the nine months ended September 30, 2025. |
| Entergy Corporation | ETR | Utilities | Generator | Dec 31 | $53B | 2026-02-19 10-K | In Sept–Oct 2025, Entergy sold 2024 nuclear production tax credits for $542.2M cash proceeds and sold 2024 solar PTCs for about $5.1M, with proceeds reflecting a market-based discount. | |
| EVgo, Inc. | EVGO | Services | Generator | Dec 31 | -$8M | $580M | 2026-08-06 10-Q | In July 2026, EVgo agreed to transfer its 2025 and 2026 §30C EV charging credits, with proceeds expected in September 2026 and around April 2027. |
| Evergy, Inc. | EVRG | Utilities | Generator | Dec 31 | $41M | $21B | 2026-02-19 10-K | As of Dec. 31, 2025, Evergy generated nuclear and wind production tax credits, including $263.1M of nuclear PTCs. |
| Extra Space Storage Inc. | EXR | Finance | Generator | Dec 31 | -$27M | $35B | 2026-02-20 10-K | Extra Space Storage reported solar tax credits that reduced federal tax expense by $9.2M (2025), $9.3M (2024), and $7.6M (2023) in its tax rate reconciliation. |
| Ford Motor Company | F | Manufacturing | Generator | Dec 31 | -$3,668M | $50B | 2026-02-11 10-K | In 2024 and 2025, Ford recognized $105 million and $53 million of 45X AMPCs. |
| First Bancorp | FBNC | Finance | Buyer | Dec 31 | $28M | $3B | 2026-02-25 10-K | First Bancorp discloses 'Cash paid during the period for the purchase of transferable tax credits' of $9M for the nine months ended September 30, 2025 (compared to $0 for the prior year period). |
| FTI Consulting, Inc. | FCN | Services | Buyer | Dec 31 | $78M | $5B | 2026-10-29 10-Q | FTI discloses '$28.9 million and $23.5 million of payments for the purchase of tax credits during the nine months ended September 30, 2025 and 2024, respectively.' |
| Fiserv, Inc. | FISV | Services | Buyer | Dec 31 | $811M | $34B | 2026-08-07 10-Q | Fiserv discloses that it purchased transferable federal tax credits from various counterparties at negotiated discounts under the provisions of the Inflation Reduction Act. |
| Fluence Energy, Inc. | FLNC | Manufacturing | Generator | Sep 30 | $17M | $1B | 2026-02-04 10-Q | Fluence earns §45X credits on U.S.-manufactured components, including battery modules and inverters. |
| F.N.B. Corporation | FNB | Finance | Generator | Dec 31 | $104M | $6B | 2026-02-24 10-K | FNB discloses "Internal Revenue Code (IRC) section 48 tax credits, of $37.2 million, $28.4 million and $23.7 million, respectively, from renewable energy projects using the flow-through method of accounting for income tax credits." |
| Floor & Decor Holdings, Inc. | FND | Retail | Buyer | Dec 25 | $57M | $6B | 2026-02-19 10-K | Floor & Decor purchased transferable federal tax credits during fiscal 2025, reflected in the tax rate reconciliation as $4.4 million of 'Energy-related tax credits' for fiscal 2025. |
| Five Star Bancorp | FSBC | Finance | Buyer | Dec 31 | $22M | $1B | 2026-08-06 10-Q | Five Star Bank purchased 45X transferable tax credits in 2025, resulting in a $0.9 million benefit to the provision for income taxes. |
| First Solar, Inc. | FSLR | Manufacturing | Generator | Dec 31 | $75M | $21B | 2026-02-24 10-K | In 2023–2025, First Solar generated Section 45X credits and sold them for cash, including $857.2M of 2024 credits for $818.6M and two 2025 credit sales of $701.9M and $699.7M for ~$1.34B proceeds. |
| GE Vernova Inc. | GEV | Manufacturing | Generator | Dec 31 | -$2,051M | $220B | 2026-01-29 10-K | In 2025, the company generated IRA §45X advanced manufacturing production credits in its Wind business, recording a $401 million reduction to equipment costs and ending the year with $412 million of credit receivables. |
| Gevo, Inc. | GEVO | Manufacturing | Generator | Dec 31 | $0M | $360M | 2026-03-05 10-K | In 2025, Gevo generated about $52.0M of Section 45Z clean fuel production credits and sold/ transferred multiple tranches (including $15.3M ITCs and ~$41.1M of 45Z credits) at ~$0.935 per credit. |
| Globe Life Inc. | GL | Finance | Buyer | Dec 31 | $279M | $12B | 2026-02-25 10-K | Globe Life discloses $47 million in cash paid for the purchase of transferable tax credits in the cash flow footnote. |
| Corning Incorporated | GLW | Manufacturing | Generator | Dec 31 | $310M | $100B | 2026-02-12 10-K | In 2025, Corning generated IRA clean energy credits (45X and 48C) and monetized them through direct cash payments and reductions of current and future income tax liabilities. |
| General Motors Company | GM | Manufacturing | Generator | Dec 31 | -$193M | $76B | 2026-01-27 10-K | In 2025, General Motors recognized IRA advanced manufacturing production credits (IRC §45X) upon generation related to battery/EV component production. |
| Graphic Packaging Holding Company | GPK | Manufacturing | Buyer | Dec 31 | $139M | $3B | 2026-03-02 10-K | Graphic Packaging discloses that purchased tax credits impacted its effective tax rate. |
| Global Payments Inc. | GPN | Services | Buyer | Dec 31 | $517M | $26B | 2026-02-20 10-K | Global Payments purchased $18 million of transferable energy credits during 2025, reducing their effective tax rate by 1.4%. |
| Green Plains Inc. | GPRE | Manufacturing | Generator | Dec 31 | -$52M | $990M | 2026-02-10 10-K | In 2025, Green Plains generated Section 45Z clean fuel production tax credits (gross $63.2M) and sold all credits under supply agreements, recognizing a $54.2M income tax benefit. |
| Green Brick Partners, Inc. | GRBK | Construction | Buyer | Dec 31 | $91M | $3B | 2026-05-11 10-K/A | Green Brick Partners purchased investment tax credits at a discount during 2024. |
| Hyatt Hotels Corporation | H | Services | Buyer | Dec 31 | $130M | $17B | 2026-02-13 10-K | During the year ended December 31, 2024, Hyatt purchased $69 million of Investment Tax Credits from a third party and recognized a $4 million benefit as a reduction to income tax expense. |
| Horace Mann Educators Corporation | HMN | Finance | Buyer | Dec 31 | $39M | $2B | 2026-08-07 10-Q | Horace Mann discloses that 'purchases of transferable tax credits, which are expected to be used in the 2025 tax year. The company has outstanding commitments of $23.0 million related to such purchases as of September 30, 2025.' |
| H&R Block, Inc. | HRB | Services | Buyer | Jun 30 | $174M | $6B | 2025-11-06 10-Q | H&R Block includes a line item 'Income taxes paid, net (includes payments for purchased investment tax credits)', although specific details about credit types, amounts, and gains are not provided. |
| Hormel Foods Corporation | HRL | Manufacturing | Buyer | Oct 26 | $186M | $12B | 2025-12-05 10-K | Hormel notes a 'benefit from the purchase of federal energy tax credits.' |
| Hubbell Incorporated | HUBB | Manufacturing | Generator | Dec 31 | $229M | $23B | 2026-07-29 10-Q | Hubbell recognized benefits associated with an advance energy project credit during Q2 2026. This credit contributed to a decrease in the effective tax rate from 22.1% to 20.3% in Q2 2026. |
| Installed Building Products, Inc. | IBP | Construction | Buyer | Dec 31 | $92M | $6B | 2026-02-26 10-K | Installed Building Products disclosed payments of $7.5M to acquire transferrable tax credits in 2025 for a 0.2% ETR reduction. |
| IES Holdings, Inc. | IESC | Construction | Buyer | Sep 30 | $105M | $7B | 2026-07-31 10-Q | IES discloses $52.5M paid to a third party to purchase transferrable federal income tax credits. |
| International Paper Company | IP | Manufacturing | Generator | Dec 31 | -$532M | $19B | 2026-02-27 10-K | In 2023–2025, International Paper earned investment tax credits tied to biomass/CHP investments. |
| Janus International Group, Inc. | JBI | Manufacturing | Buyer | Jan 1 | $24M | $650M | 2025-11-06 10-Q | Janus discloses purchases of transferable environmental tax credits that can be used to offset current or prior year income tax liability. |
| Jefferies Financial Group Inc. | JEF | Finance | Buyer | Nov 30 | $223M | $11B | 2026-10-09 10-Q | Jeffries paid $163.6 million for transferable investment tax credits in the year ended November 30, 2025. |
| Jack Henry & Associates, Inc. | JKHY | Services | Buyer | Jun 30 | $149M | $12B | 2026-05-07 10-Q | Discloses a effective tax rate increase 'primarily due to… the tax benefits from the purchase of investment tax credits during the prior fiscal year.' |
| Navient Corporation | JSM | Finance | Buyer | Dec 31 | -$31M | $5B | 2026-08-07 10-Q | Navient purchased $25 million of transferable renewable energy tax credits at a discount of $2 million in the third quarter of 2025. |
| Keurig Dr Pepper Inc. | KDP | Manufacturing | Buyer | Dec 31 | $494M | $50B | 2026-02-24 10-K | In 2024 and 2023, the company executed agreements to purchase federal tax credits totaling $260 million and $270 million (face value), generating income tax benefits of $20 million and $16 million. |
| Kinder Morgan, Inc. | KMI | Utilities | Generator | Dec 31 | $832M | $68B | 2026-02-13 10-K | In 2025, Kinder Morgan recognized investment tax credits generated by biogas projects, reducing income tax expense by $21 million. |
| Kennametal Inc. | KMT | Manufacturing | Generator | Jun 30 | $40M | $2B | 2026-08-12 10-K | In a prior-year quarter, Kennametal recognized a benefit from the advanced manufacturing production credit in its tax rate reconciliation. |
| CarMax, Inc. | KMX | Retail | Buyer | Feb 28 | $155M | $8B | 2026-06-24 10-Q | CarMax purchased tax credits, disclosing an impact of $4.4M (1.2% ETR reduction) in fiscal 2026 and $5.7M (0.9% ETR reduction) in fiscal year 2025 |
| Kinetik Holdings Inc. | KNTK | Utilities | Generator | Dec 31 | $51M | $9B | 2026-02-26 10-K | Kinetik received EPA approval of MRV plans for three acid gas injection wells at its Maljamar and Dagger Draw facilities, which enables it to benefit from §45Q credits on sequestered CO2. |
| Lithia Motors, Inc. | LAD | Retail | Buyer | Dec 31 | $179M | $7B | 2026-02-25 10-K | During 2024, Lithia purchased transferable federal tax credits that provided a tax benefit and impacted the effective tax rate. |
| Liberty Energy Inc. | LBRT | Mining | Buyer | Dec 31 | $47M | $2B | 2026-02-02 10-K | In 2024, Liberty Energy entered into a Tax Credit Transfer Agreement to purchase up to $33.5 million of transferable tax credits, recognizing the benefit as a reduction to income tax expense. |
| Legacy Housing Corporation | LEGH | Manufacturing | Buyer | Dec 31 | $11M | $720M | 2026-08-05 10-Q | Legacy Housing purchased a $5.0 million face value federal tax credit at a discount in 2025, contributing to a reduction of the effective tax rate. |
| L3Harris Technologies, Inc. | LHX | Manufacturing | Buyer | Jan 2 | $326M | $51B | 2026-02-12 10-K | L3Harris purchased $200 million face value of Section 6418 tax credits for $191 million, resulting in a $9 million income tax benefit. |
| Lindsay Corporation | LNN | Manufacturing | Buyer | Aug 31 | $21M | $1B | 2026-10-22 10-K | Lindsay discloses $7.5 million used to purchase transferable tax credits in fiscal 2026. |
| Alliant Energy Corporation | LNT | Utilities | Generator | Dec 31 | -$118M | $19B | 2026-02-20 10-K | In 2025, IPL and WPL transferred $285M of renewable tax credits (vs. $216M in 2024 and $98M in 2023). |
| Lowe's Companies, Inc. | LOW | Retail | Buyer | Jan 31 | $2,165M | $130B | 2026-08-27 10-Q | Cash paid for income taxes includes $781 million and $800 million for the nine months ended October 31, 2025 and November 1, 2024, respectively, for the purchase of federal transferable tax credits. |
| Masco Corporation | MAS | Manufacturing | Buyer | Dec 31 | $278M | $17B | 2026-02-10 10-K | Masco includes payments for the purchase of transferable tax credits in income tax expense and income taxes paid and has contracts to purchase additional credits. |
| Mercantile Bank Corporation | MBWM | Finance | Buyer | Dec 31 | $13M | $1B | 2026-10-30 10-Q | Mercantile Bank purchased transferable energy tax credits in Q2 and Q3 2025, significantly reducing its federal income tax expense and effective tax rate. |
| McDonald's Corporation | MCD | Retail | Buyer | Dec 31 | $2,334M | $199B | 2026-02-24 10-K | McDonald's discloses a line item of $429 million 'related to the purchase of Federal transferrable energy credits' in 2025. |
| MGE Energy, Inc. | MGEE | Utilities | Generator | Dec 31 | $20M | $3B | 2026-02-24 10-K | In 2025, MGE Energy sold transferable Production Tax Credits under IRC §6418, receiving $10.9M. |
| Markel Corporation | MKL | Finance | Buyer | Dec 31 | $580M | $24B | 2026-02-26 10-K | Markel Group discloses $86.4 million paid to purchase transferable tax credits in 2025. |
| MarketAxess Holdings Inc. | MKTX | Finance | Buyer | Dec 31 | $120M | $6B | 2025-02-24 10-K | Since 2023, MarketAxess has purchased renewable energy-related transferable tax credits under the IRA to reduce federal tax liability. |
| Mueller Industries, Inc. | MLI | Manufacturing | Buyer | Dec 27 | $247M | $12B | 2026-02-25 10-K | Mueller Industries disloses 107.0 million paid for the purchase of federal transferable tax credits in 2025. |
| Marsh & McLennan Companies, Inc. | MMC | Finance | Buyer | Dec 31 | $1,305M | $90B | 2026-04-16 10-Q | Marsh McLennan purchased green energy income tax credits in 2025 and 2024 that reduced income tax liabilities. |
| Altria Group, Inc. | MO | Manufacturing | Buyer | Dec 31 | $2,442M | $126B | 2026-04-30 10-Q | Altria purchased transferable income tax credits in 2024 and 2023, reducing income taxes paid. |
| Molina Healthcare, Inc. | MOH | Finance | Buyer | Dec 31 | $117M | $11B | 2026-02-10 10-K | The company discloses "$6 million, $10 million and $3 million paid to purchase transferable tax credits during the years ended December 31, 2025, 2024 and 2023, respectively". |
| MP Materials Corp. | MP | Mining | Generator | Dec 31 | -$45M | $7B | 2026-02-26 10-K | In 2025, MP Materials generated Section 45X advanced manufacturing credits from critical mineral production and elected direct pay through 2027, and recorded a $58.5M Section 48C investment tax credit for its facility. |
| Marathon Petroleum Corporation | MPC | Manufacturing | BuyerGenerator | Dec 31 | $1,137M | $106B | Generator2026-02-26 10-K | Buyer: Marathon Petroleum discloses payments of $332 million and $565 million in 2025 and 2024, respectively, to third parties for transferable tax credits. Generator: Marathon's renewable diesel operations generate §45Z clean fuel production credits. |
| Company | Ticker | Industry | Type | Fiscal year end | Income tax expense (TTM) | Market cap | Disclosure | Notes |
|---|---|---|---|---|---|---|---|---|
| MSC Industrial Direct Co., Inc. | MSM | Wholesale | Buyer | Aug 29 | $67M | $5B | 2026-08-29 10-K | MSC Industrial Direct Co discloses an income tax benefit of $3M from "energy credits" |
| MGIC Investment Corporation | MTG | Finance | Buyer | Dec 31 | $190M | $6B | 2026-04-29 10-Q | MGIC purchased transferable federal tax credits in 2025, impacting its effective tax rate. |
| Meritage Homes Corporation | MTH | Construction | Buyer | Dec 31 | $132M | $5B | 2026-10-30 10-Q | Meritage Homes purchased 45Z tax credits in 2025. |
| Materion Corporation | MTRN | Manufacturing | Generator | Dec 31 | $7M | $4B | 2026-02-12 10-K | During 2025, Materion generated §45X advanced manufacturing production credits from U.S. beryllium production. |
| Murphy USA Inc. | MUSA | Retail | Buyer | Dec 31 | $139M | $9B | 2026-10-30 10-Q | In the nine months ended September 30, 2025, the company recognized $3.7 million of benefit for purchased Federal energy tax credits. |
| Nasdaq, Inc. | NDAQ | Finance | Buyer | Dec 31 | $356M | $61B | 2025-02-21 10-K | The lower 2024 effective tax rate was primarily due to “the purchase of energy tax credits made available under the Inflation Reduction Act,” reflected as a -1.7% impact. |
| NextEra Energy, Inc. | NEE | Utilities | Generator | Dec 31 | -$802M | $182B | 2026-02-13 10-K | In 2024–2025, NextEra Energy generated clean energy PTC/ITC credits and sold transferable credits to unrelated purchasers for cash, with proceeds of ~$1.53B in 2025 and ~$1.30B in 2024. |
| NiSource Inc. | NI | Utilities | Generator | Dec 31 | $204M | $22B | 2026-02-11 10-K | In 2025, the company generated renewable ITCs/PTCs ($32.4M ITCs and $40.5M PTCs) and monetized certain transferable credits via sales to third parties, recognizing a $19.3M current tax benefit ($18.8M in 2024). |
| New Jersey Resources Corporation | NJR | Utilities | Generator | Sep 30 | $94M | $6B | 2025-11-20 10-K | NJR monetizes solar ITCs via commercial solar sale-leasebacks: ITCs and related tax attributes transfer to the buyer, and NJR is compensated through lease payments, with ITC value recognized in other income over the 5-year recapture period. |
| Energy Vault Holdings, Inc. | NRGV | Manufacturing | Generator | Dec 31 | $8M | $660M | 2026-08-11 10-Q | Energy Vault transferred the investment tax credit from its Cross Trails storage project for $11.8M in February 2026 and the CRC project ITC for $15.4M in July 2026. |
| Insight Enterprises, Inc. | NSIT | Retail | Buyer | Dec 31 | $68M | $5B | 2026-02-12 10-K | “Research and other credits” decreased the 2024 effective rate by 1.9% ($6.2 million), specifically including transferable energy tax credit benefits. |
| Northwestern Energy Group Inc | NWE | Utilities | Generator | Dec 31 | $6M | $5B | 2026-02-12 10-K | In 2025, NorthWestern Energy transferred $12.3M of IRA production tax credits to unrelated entities (vs. $6.9M in 2024). |
| Nextpower Inc. | NXT | Manufacturing | Generator | Mar 31 | $160M | $16B | 2026-05-19 10-K | Nextpower generates Section 45X Advanced Manufacturing Production Credits through its U.S. manufacturing suppliers, offsetting its federal tax payable by $130.1 million and $63.8 million for fiscal years 2026 and 2025. |
| Realty Income Corporation | O | Finance | Generator | Dec 31 | $84M | $57B | 2026-08-06 10-Q | RIC discloses generating solar electricity tax credits. |
| Old Dominion Freight Line, Inc. | ODFL | Utilities | Buyer | Dec 31 | $338M | $35B | 2026-02-24 10-K | The Q1 2025 effective tax rate was reduced due to “the timing of federal tax credit purchases.” |
| Olin Corporation | OLN | Manufacturing | BuyerGenerator | Dec 31 | -$38M | $2B | Buyer2025-10-28 10-Q Generator2026-02-20 10-K | Buyer: The 2024 effective tax rate was partially offset by “U.S. federal tax credits purchased at a discount.” Generator: In 2025, Olin recorded a $34.5M COGS reduction from Section 45V clean hydrogen production tax credits and expects $15–20M in annual pretax benefits for 2026–2028, with smaller amounts through 2032. |
| OneMain Holdings, Inc. | OMF | Finance | Buyer | Dec 31 | $218M | $6B | 2026-10-30 10-Q | OneMain disclosed tax benefits from purchasing transferable federal tax credits in the income tax discussion. |
| Ormat Technologies, Inc. | ORA | Utilities | Generator | Dec 31 | -$17M | $6B | 2026-02-26 10-K | In 2024–2025, Ormat generated renewable energy PTCs/ITCs and sold transferable credits, recognizing $17.9M PTC sale income in 2025 ($23.4M in 2024) and $44.1M of ITC-related benefits in 2025 ($47.7M in 2024). |
| O'Reilly Automotive, Inc. | ORLY | Retail | Buyer | Dec 31 | $702M | $72B | 2026-08-07 10-Q | O’Reilly purchased transferable federal renewable energy tax credits and recognizes them as a reduction to the effective tax rate. |
| Oshkosh Corporation | OSK | Manufacturing | Buyer | Dec 31 | $192M | $9B | 2026-10-29 10-Q | Oshkosh disclosed a "$3.2 million benefit on the purchase of discounted federal tax credits,” with $9.7 million and $65.4 million paid in 2025 and 2024, respectively. |
| Otter Tail Corporation | OTTR | Utilities | Generator | Dec 31 | $45M | $3B | 2026-02-18 10-K | In 2025, Otter Tail generated wind-related PTCs/ITCs producing a $29.8M tax benefit. |
| Occidental Petroleum Corporation | OXY | Mining | Generator | Dec 31 | $932M | $56B | 2026-02-18 10-K | In 2025, Occidental generated Section 45Q carbon capture tax credits from CO2 sequestration/DAC activities, reducing income tax expense by $15 million (vs. $21 million in 2024 and $22 million in 2023). |
| PG&E Corporation | PCG | Utilities | Generator | Dec 31 | -$280M | $29B | 2026-02-12 10-K | In 2025, PG&E Corp reported $26 million of tax credits in its effective tax rate reconciliation (with $22 million in 2024 and $24 million in 2023), reflecting credits generated that reduced its tax expense. |
| Public Service Enterprise Group Incorporated | PEG | Utilities | Generator | Dec 31 | $181M | $37B | 2026-02-26 10-K | In 2024, PSEG generated IRA nuclear PTCs from its nuclear fleet, recording about $350M of income tax benefits. |
| Provident Financial Services, Inc. | PFS | Finance | Buyer | Dec 31 | $117M | $3B | 2026-08-07 10-Q | Provident Financial discloses a line item 'Renewable energy tax credits, net' of $3.3 million or (0.83)% of pre-tax income in 2025. |
| PulteGroup, Inc. | PHM | Construction | Buyer | Dec 31 | $693M | $26B | 2026-02-04 10-K | PulteGroup is under contract to purchase $354.1 million of federal transferable tax credits and paid $341.4 million in 2025 to acquire such credits applied to federal income tax obligations. |
| Pinnacle West Capital Corporation | PNW | Utilities | Buyer | Dec 31 | $107M | $13B | 2026-02-25 10-K | Pinnacle West purchased $23 million of ITCs from Ameresco for $21 million. |
| Portland General Electric Company | POR | Utilities | Generator | Dec 31 | $60M | $5B | 2026-02-17 10-K | In 2025, PGE transferred $179M of PTC/ITC credits net of discounts for cash proceeds, following $112M in 2024. |
| PPL Corporation | PPL | Utilities | Buyer | Dec 31 | $268M | $27B | 2026-02-20 10-K | PPL purchased approximately $300 million of renewable tax credits under Section 6418 and recorded tax benefits for utilization of approximately $250 million. |
| Primerica, Inc. | PRI | Finance | Buyer | Dec 31 | $223M | $9B | 2026-02-27 10-K | Primerica purchased transferable federal income tax credits from a solar energy facility and battery storage system in Q4 2025, paying $93.0 million for $100.0 million in credits, resulting in a $7.0 million gain and reducing their effective tax rate by 0.8%. |
| Primoris Services Corporation | PRIM | Construction | Buyer | Dec 31 | $111M | $4B | 2026-02-24 10-K | Primoris Services purchased $40.0 million of ITCs for $36.9 million, recognizing the benefit in 2024 income tax expense under the flow-through method. |
| Prudential Financial | PRU | Finance | Buyer | Dec 31 | $1,053M | $42B | 2026-03-26 10-K | Prudential Financial "paid $192 million to purchase $200 million of 2025 Federal Transferable Energy Tax Credits". |
| Public Storage | PSA | Finance | Generator | Dec 31 | -$7M | $63B | 2026-02-12 10-K | In 2025, Public Storage sold solar tax credits, receiving $15.8 million of cash proceeds and recognizing a $16.6 million tax credit benefit. |
| Phillips 66 | PSX | Manufacturing | BuyerGenerator | Dec 31 | $892M | $99B | Buyer2026-02-20 10-K Generator2026-02-20 10-K | Buyer: In 2024 and 2023, Phillips 66 executed agreements to purchase $485 million and $262 million of eligible tax credits and paid $551 million and $196 million, respectively, to offset estimated tax payments. Generator: Phillips 66 generates clean fuel production and other renewable fuel tax credits from renewable diesel and blending operations. |
| Quanta Services, Inc. | PWR | Construction | Buyer | Dec 31 | $351M | $89B | 2026-02-19 10-K | Quanta Services purchased transferable tax credits from third parties during the nine months ended September 30, 2025. |
| Rexford Industrial Realty, Inc. | REXR | Finance | Generator | Dec 31 | $0M | $8B | 2026-10-27 10-Q | Rexford recognized $1.4 million in other income related to the sale of solar tax credits |
| Regions Financial Corporation | RF | Finance | Generator | Dec 31 | $587M | $25B | 2026-02-24 10-K | Regions generated $64M of investment tax credits from renewable energy sources in 2025 ($179M in 2024), accounted for under the deferral method. |
| RLI Corp. | RLI | Finance | Buyer | Dec 31 | $103M | $6B | 2026-02-20 10-K | RLI agreed after year-end 2025 to purchase a federal transferable investment tax credit for $24M, to reduce its 2026 income tax liability. |
| Gibraltar Industries, Inc. | ROCK | Manufacturing | BuyerGenerator | Dec 31 | $30M | $1B | Buyer2026-08-05 10-Q Generator2026-02-26 10-K | Buyer: The Q3 2025 effective tax rate was lower “due to… the benefit of purchased tax credits that will be carried back to prior tax years.” Generator: In FY2025, Gibraltar generated §45X advanced manufacturing credits, recognizing a $3.1M tax benefit and $8.1M refundable credits under a direct pay election. |
| Rollins, Inc. | ROL | Services | Buyer | Dec 31 | $174M | $19B | 2026-10-22 10-Q | Transferable federal income tax credits purchased in Q3 2025 were a key driver of the reduced effective tax rate. |
| Roper Technologies, Inc. | ROP | Manufacturing | Buyer | Dec 31 | $400M | $47B | 2026-02-24 10-K | Roper Technologies discloses paying $45.7 for transferable tax credits during 2025. |
| Republic Services, Inc. | RSG | Utilities | Generator | Dec 31 | $455M | $75B | 2026-02-18 10-K | Investments in renewable energy LLCs generated Section 48 investment tax credits. |
| Sunrun Inc. | RUN | Manufacturing | Generator | Dec 31 | -$203M | $2B | 2026-02-26 10-K | In 2025, Sunrun generated solar investment tax credits and transferred them under ITC transfer agreements, recognizing a $196.6M tax benefit from ITC transfers. |
| Seaboard Corporation | SEB | Wholesale | Generator | Dec 31 | -$91M | $4B | 2026-02-12 10-K | In 2025, the company generated and sold tax credits, generating $81M in proceeds (vs. $28M in 2024; none in 2023). |
| SolarEdge Technologies, Inc. | SEDG | Manufacturing | BuyerGenerator | Dec 31 | $25M | $2B | Buyer2025-02-25 10-K Generator2026-03-23 10-K/A | Buyer: Purchased ITCs from third parties in 2024 reduced the effective tax rate. Generator: In 2024–2025, SolarEdge generated Section 45X advanced manufacturing production tax credits from U.S. manufacturing and began selling a significant portion to third parties under tax credit agreements starting Q4 2024. |
| SEI Investments Company | SEIC | Finance | Buyer | Dec 31 | $199M | $13B | 2026-10-26 10-Q | SEI investments purchased federal energy tax credits during Q2 2026. |
| Stifel Financial Corp. | SF | Finance | Buyer | Dec 31 | $187M | $11B | 2026-02-24 10-K | Stifel reports a 'Purchased federal tax credit benefit' of $16.3 million (or 1.9% rate benefit) in the 2025 tax rate reconciliation table. |
| Sprouts Farmers Market, Inc. | SFM | Retail | Buyer | Dec 28 | $165M | $5B | 2026-07-29 10-Q | Sprouts purchased $63.8 million (face value) of transferable federal tax credits at a negotiated discount, resulting in a $3.5 million tax benefit recognized in the effective tax rate. |
| Sylvamo Corporation | SLVM | Manufacturing | Buyer | Dec 31 | $67M | $2B | 2026-02-20 10-K | Sylvamo made $14 million of payments to purchase tax credits applied against 2024 U.S. federal tax liability. |
| SharkNinja, Inc. | SN | Manufacturing | Buyer | Dec 31 | $199M | $32B | 2026-08-05 10-Q | SharkNinja discloses a "purchase of transferable income tax credits", leading to a significant ETR reduction. |
| Snap-on Incorporated | SNA | Manufacturing | Buyer | Jan 3 | $294M | $19B | 2026-02-12 10-K | Snap-on discloses that U.S. Federal taxes paid 'Includes amounts paid to purchase transferable clean energy tax credits during 2025.' |
| Schneider National, Inc. | SNDR | Utilities | Buyer | Dec 31 | $34M | $5B | 2026-02-20 10-K | Schneider National lists a $2 million income tax benefit from transferable tax credits in the year ended December 31, 2025. |
| The Southern Company | SO | Utilities | Generator | Dec 31 | $1,048M | $109B | 2026-02-19 10-K | In 2024–2026, Southern’s utilities entered agreements to transfer ITCs and PTCs to non-affiliated parties at a discount. |
| Sonoco Products Company | SON | Manufacturing | Buyer | Dec 31 | $8M | $5B | 2026-02-26 10-K | Sonoco discloses 'Benefit for purchased credits' of $14.8 million for 2025 and purchase commitments of approximately $93.9 million in 2026. |
| Sempra | SRE | Utilities | Generator | Dec 31 | $993M | $52B | 2026-02-26 10-K | In 2025, Sempra generated investment tax credits from standalone energy storage projects. |
| Sunoco LP | SUN | Manufacturing | Buyer | Dec 31 | $62M | $12B | 2026-02-19 10-K | Q1 2025 income tax expense decreased due to “the recognition of a tax benefit associated with the discount on purchased tax credits.” |
| SunCoke Energy, Inc. | SXC | Manufacturing | Generator | Dec 31 | -$8M | $870M | 2026-02-20 10-K | In FY2025, SunCoke generated $22.8M of Section 48 investment tax credits from capital investments and recognized an $18.8M net tax benefit. |
| Sysco Corporation | SYY | Wholesale | Buyer | Jun 27 | $552M | $39B | 2026-08-21 10-K | Sysco discloses "Cash paid for income taxes, net for fiscal year 2026 and 2025 includes $227 million and $190 million, respectively, of cash paid for the purchase of federal tax credits" |
| TEGNA Inc. | TGNA | Utilities | Buyer | Dec 31 | $99M | $3B | 2026-03-02 10-K | TEGNA paid $71.5 million for clean energy tax credits in 2025, contributing to tax rate impacts. |
| Target Corporation | TGT | Retail | Buyer | Feb 1 | $1,102M | $75B | 2026-03-11 10-K | Target discloses a 'Tax credits' line item showing a benefit of $77 million (1.6% impact), and explicitly states that the 'Income Taxes Paid, Net of Refunds' section 'Includes amounts paid for the purchase of federal transferable tax credits.' |
| The TJX Companies, Inc. | TJX | Retail | Buyer | Feb 1 | $1,679M | $152B | 2026-08-28 10-Q | The decrease in the effective tax rate was primarily due to “a benefit from the acquisition of federal tax credits.” |
| Talen Energy Corporation | TLN | Utilities | Generator | Dec 31 | $16B | 2026-02-26 10-K | In Sept 2025, Talen Energy sold $202M of Nuclear Production Tax Credits for $191M cash, remaining credits were used to reduce federal income taxes payable. | |
| TPI Composites, Inc. | TPICQ | Manufacturing | Generator | Dec 31 | $7M | <$1M | 2026-03-25 10-K | In FY2025, TPI Composites generated and recognized ~US$7.9M of §45X AMPC tax credit receivables from eligible wind blade production at its Iowa facility. |
| Texas Pacific Land Corporation | TPL | Finance | Buyer | Dec 31 | $129M | $19B | 2026-08-05 10-Q | Texas Pacific Land Corporation purchased $60 million of transferrable federal tax credits for $55.8 million, resulting in an estimated tax benefit of $4.2 million. |
| Targa Resources Corp. | TRGP | Utilities | Generator | Dec 31 | $501M | $59B | 2026-02-19 10-K | Targa generated IRC §45Q carbon capture tax credits and recognized the benefit in other operating income based on sequestered CO2 volumes. |
| Tripadvisor, Inc. | TRIP | Services | Buyer | Dec 31 | $5M | $840M | 2026-08-06 10-Q | TripAdvisor purchased $22 million in energy tax credits in 2025, claiming a $3 million income tax benefit. |
| Trinity Industries, Inc. | TRN | Manufacturing | Buyer | Dec 31 | $91M | $2B | 2026-07-30 10-Q | Trinity purchased $40.0 million of transferable tax credits for $38.4 million, generating a $1.6 million tax benefit. |
| Tractor Supply Company | TSCO | Retail | Buyer | Dec 28 | $302M | $19B | 2026-08-06 10-Q | A transferable federal tax credit purchased in Q3 fiscal 2025 favorably impacted the effective tax rate. |
| Tesla, Inc. | TSLA | Manufacturing | Generator | Dec 31 | $1,423M | $1,494B | 2026-01-29 10-K | In 2025, Tesla earned $1.685B of manufacturing credits ($565M automotive, $1.12B energy), recorded as reductions to cost of revenues. |
| Company | Ticker | Industry | Type | Fiscal year end | Income tax expense (TTM) | Market cap | Disclosure | Notes |
|---|---|---|---|---|---|---|---|---|
| Tradeweb Markets Inc. | TW | Finance | Buyer | Dec 31 | $253M | $28B | 2026-10-29 10-Q | Tradeweb discloses plans to "satisfy approximately $71 million related to our 2025 tax year obligations through the purchase of transferable tax credits or through cash payments to the applicable taxing authorities". |
| TXNM Energy, Inc. | TXNM | Utilities | Generator | Dec 31 | $23M | $6B | 2026-02-27 10-K | TXNM Energy discloses investment tax credit generation from a number of projects. |
| Under Armour, Inc. | UA | Manufacturing | Buyer | Mar 31 | $282M | $2B | 2026-05-19 10-K | Under Armour discloses purchasing $16.8 million of transferable tax credits during the year ended December 31, 2025. |
| UDR, Inc. | UDR | Finance | Generator | Dec 31 | $1M | $13B | 2026-02-17 10-K | In 2025, UDR generated solar investment tax credits through its taxable REIT subsidiary. |
| UGI Corporation | UGI | Utilities | Generator | Sep 30 | $30M | $8B | 2025-11-21 10-K | UGI discloses generating "investment tax credits associated with Midstream & Marketing’s qualifying renewable natural gas property under the Inflation Reduction Act of 2022" |
| Ulta Beauty, Inc. | ULTA | Retail | Buyer | Feb 1 | $383M | $28B | 2026-08-27 10-Q | Ulta beauty disclosed purchasing transferable federal tax credits during Q1 2026, which lowered their effective tax rate from 24.6% to 23.9%. |
| United Natural Foods, Inc. | UNFI | Wholesale | Generator | Jul 31 | -$40M | $3B | 2026-09-14 10-K | In Q1 FY2026, United Natural Foods recognized a solar tax credit benefit from a solar array. |
| Union Pacific Corporation | UNP | Utilities | Buyer | Dec 31 | $2,028M | $176B | 2026-02-06 10-K | The 2025 effective tax rate was reduced due to “the favorable impact of purchased tax credits during the year,” reflected as a $50 million benefit. |
| US Foods Holding Corp. | USFD | Wholesale | Buyer | Dec 27 | $222M | $24B | 2026-08-06 10-Q | U.S. Foods purchased $71 million of transferable tax credits, with payment due to counterparties in 2026. |
| Utz Brands, Inc. | UTZ | Manufacturing | Buyer | Dec 28 | $7M | $2B | 2026-08-05 10-Q | Utz purchased $17.9 million of tax credits in December 2025, resulting in a $1.8 million reduction to income tax expense. |
| Visa Inc. | V | Services | Buyer | Sep 30 | $3,928M | $788B | 2026-07-29 10-Q | Visa paid $740 million and $1.1 billion for federal transferable tax credits in Q1 2026 and Q1 2025, respectively. |
| Valero Energy Corporation | VLO | Manufacturing | Generator | Dec 31 | $759M | $99B | 2026-02-25 10-K | In 2025, DGD generated Section 45Z clean fuel production credits; it sells Darling’s share to third parties while Valero claims its 50% on its return, and recognized $607 million of credits as a reduction of costs. |
| Vulcan Materials Company | VMC | Mining | Buyer | Dec 31 | $168M | $37B | 2026-10-29 10-Q | In Q3 2026 Vulcan purchased $53.8 million of energy investment tax credits from a third party under IRC Section 6418 to reduce its 2026 federal income tax liability. |
| Vontier Corporation | VNT | Manufacturing | Buyer | Dec 31 | $102M | $6B | 2026-02-12 10-K | Within cash paid for income taxes, Vontier discloses that their federal U.S. income tax figure 'Includes $18.7 million paid to acquire investment tax credits during the year ended December 31, 2025.' |
| Vistra Corp. | VST | Utilities | Generator | Dec 31 | $65M | $45B | 2026-02-27 10-K | In 2025, Vistra sold $490M of transferable nuclear PTCs generated from 2024 nuclear output. |
| WaFd, Inc. | WAFD | Finance | Buyer | Sep 30 | $69M | $2B | 2026-08-04 10-Q | WaFd purchased $9.2M of federal energy tax credits and have "committed to a four year investment in similar tax credits which reduces our tax expense and effective tax rate." |
| WESCO International, Inc. | WCC | Wholesale | Buyer | Dec 31 | $213M | $15B | 2026-10-29 10-Q | The company purchased $93.8 million of transferable clean energy tax credits in 2025 and used them to reduce U.S. federal income tax liabilities, with insurance and/or seller guarantees. |
| Waste Connections, Inc. | WCN | Utilities | Generator | Dec 31 | $176M | $48B | 2025-02-13 10-K | Waste Connections earns investment tax credits on eligible development expenditures. |
| WEC Energy Group, Inc. | WEC | Utilities | Generator | Dec 31 | $118M | $39B | 2026-02-20 10-K | In 2023–2025, WEC sold most PTCs and ITCs generated under IRA transferability, receiving $75.0M (2023), $269.1M (2024) and $256.3M (2025) of cash refunds, and contracted to sell most 2026 credits. |
| Waste Management, Inc. | WM | Utilities | Generator | Dec 31 | $717M | $94B | 2026-02-09 10-K | In 2025, WM completed 7 RNG facilities generating §48 investment tax credits, reducing income tax expense by $184M (and $137M in 2024 from 5 facilities). |
| WSFS Financial Corporation | WSFS | Finance | Buyer | Dec 31 | $93M | $4B | 2026-08-05 10-Q | The company paid $11.4 million in 2025 related to the purchase of renewable energy tax credits. |
| Watsco, Inc. | WSO | Wholesale | Buyer | Dec 31 | $130M | $13B | 2026-05-08 10-Q | Watsco purchased transferable federal tax credits during 2025 and 2024. |
| Xcel Energy Inc. | XEL | Utilities | Generator | Dec 31 | -$245M | $51B | 2026-02-25 10-K | In 2024–2025, Xcel Energy generated clean energy tax credits from renewable operations and transferred/sold credits for cash, reporting tax credit transfer proceeds of $671M in 2025 and $633M in 2024, with discounts accounted for under ASC 740. |
| Yum! Brands, Inc. | YUM | Retail | Buyer | Dec 31 | $517M | $43B | 2026-02-20 10-K | Yum Brands purchased $46 million of transferable tax credits in 2025. |
| Zoetis Inc. | ZTS | Manufacturing | Buyer | Dec 31 | $687M | $33B | 2026-08-06 10-Q | For the nine months ended September 30, 2025, cash paid for income taxes includes $133 million related to the purchase of transferable federal tax credits. |
How we built this database
Reunion reviewed the 2025 and 2026 SEC filings (10-K, 10-Q, 20-F and 40-F) of approximately 1,700 publicly traded companies, generally with market capitalizations above $1 billion.
A company is listed only when a filing supports it. Each row links to the filing we relied on, and the notes summarize what that filing says. Many transactions are never disclosed in SEC filings, so a company missing from this list may still have bought, sold, or generated credits.
Types
- Buyer
- Disclosed purchasing transferable clean energy tax credits.
- Generator
- Disclosed generating transferable clean energy tax credits. Many also disclosed selling them to a third party, as described in the notes.
A company can be both a buyer and a generator. Each gets its own filing link and note.
Financial data
Market cap and trailing twelve month income tax expense come from public financial data as of November 9, 2026. Income tax expense can be negative.
This database summarizes public disclosures. It is not tax, legal, or investment advice.
How to cite
You're welcome to cite this database using the format below. If you're publishing work that draws on it, let us know at contact@reunioninfra.com. We can confirm figures, share updates since the as-of date, or add context from our transaction team.
Reunion, "Public company tax credit disclosure database," reunioninfra.com/tax-credit-disclosures, data as of November 9, 2026, accessed [date].
To point to one company, add its ticker to the link, for example reunioninfra.com/tax-credit-disclosures#AA.
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