Benchmarking Corporate Participation in the 2025 Tax Credit Market

Despite significant policy changes in 2025, participation in the tax credit market continued to grow — and buyers are participating in the market with renewed confidence in early 2026.

In this latest installment of Crux’s report on corporate activity in the clean energy tax credit market, it’s clear that clean energy tax credits have become an increasingly important tool for corporate tax teams to manage overall tax liability. 

Crux reviewed publicly available earnings reports, investor calls, and regulatory filings for publicly traded Fortune 1000 companies. These public sources were supplemented with Crux's proprietary database of active buyers and tax equity investors. The resulting report provides the most complete picture of participation in tax credit transfers and investments available today including trends in corporate tax investor activity, effective tax rates, and the policy and market dynamics shaping buyer behavior heading into 2026.