Corporations or insurance companies that want to reduce their New Jersey 2025 tax liability and support the state’s economic development efforts can learn about applying for two tax credit auctions at an upcoming webinar on July 31.
The New Jersey Economic Development Authority (NJEDA) announced Thursday it auction a up to $60 million in tax credits to fund two programs. Applications will open in September for the Food Desert Relief Tax Credit Auction and the New Jersey Innovation Evergreen Fund Tax Credit Auction.
An informational webinar that will provide an overview of both auctions will be held on Thursday, July 31 at 12 p.m. For more information and to register for the webinar, go here.
The proceeds from the $10 million Food Desert Relief Tax Credit Auction will fund programs that increase access to healthy and affordable food in the state’s 50 Food Desert Communities (FDCs). The $50 million New Jersey Innovation Evergreen Fund Tax Credit Auction will support the NJEDA's co-investments into New Jersey-based innovative high-growth businesses through the New Jersey Innovation Evergreen Fund (NJIEF).
Proceeds from the Food Desert Relief Tax Credit Auction will fund programs that advance the priorities established by the Food Desert Relief Act. These future grants, loans, and/or technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support the development and operation of new supermarkets in FDCs, by supporting other entities involved in strengthening food security, including smaller retailers and nonprofits.
The New Jersey Innovation Evergreen Fund Tax Credit Auction will sell up to $50 million in tax credits to fuel the NJIEF. Under the NJIEF, the state will become an equity investor in startups deploying up to $600 million into companies alongside professional venture capital firms. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in state. The funds raised from the auction will later be matched by professional venture capital firms and invested into high-growth, early-stage businesses across the Garden State.
New Jersey corporate taxpayers or insurance companies that want to reduce their New Jersey 2025 tax liability and support the state’s economic development efforts can apply. Companies do not need to be in a food desert, in the food industry, or in the innovation space to buy tax credits through these auctions.
Companies can bid for tax credits at a discount of up to 15% to 25% through the Food Desert Relief Tax Credit Auction and New Jersey Innovation Evergreen Fund Tax Credit Auction, respectively.
Applications for both auctions will open on Sept. 2 at 10 a.m. and close on Oct. 3 at 5 p.m. Information about the 2025 Food Desert Relief Tax Credit Auction will be posted here. Information about the 2025 New Jersey Innovation Evergreen Fund Tax Credit Auction will be posted here.
