The New Jersey Economic Development Authority is opening applications for the Food Desert Relief Tax Credit Auction and the New Jersey Innovation Evergreen Fund Tax Credit Auction.
The proceeds from the 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).
And the New Jersey Innovation Evergreen Fund Tax Credit Auction will support the Authority’s co-investments into NJ-based innovative high-growth businesses through the New Jersey Innovation Evergreen Fund (NJIEF).
Up to $10 million in tax credits will be up for sale through the Food Desert Relief Tax Credit Auction and proceeds will fund programs that advance the priorities established by the Food Desert Relief Act.
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.
New Jersey Corporate Tax Payers or Insurance Companies that want to reduce their New Jersey 2025 tax liability and support the State’s economic development efforts. Companies do not need to be in a food desert, in the food industry, or in the innovation space to buy tax credits through the auctions. Companies can bid for tax credits at a discount of up to 15 to 25 percent 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 September 2, 2025, at 10:00 a.m. and close on October 3, 2025, at 5:00 p.m.
Applications for the Food Desert Relief Tax Credit Auction can be found here. Applications for the New Jersey Innovation Evergreen Fund Tax Credit Auction can be found here.
