An informational webinar that will provide an overview of the upcoming Food Desert Relief Tax Credit Auction and the New Jersey Innovation Evergreen Fund Tax Credit Auction will be held Thursday at noon.
The webinar, which will be run by the N.J. Economic Development Authority, will explain how companies can sell up to $60 million in tax credits to fund both programs.
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 are eligible for the program, which will begin taking applications on Sept. 2
Companies do not need to be in a food desert, in the food industry, or in the innovation space to buy tax credits. 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.
Here’s how to sign up for the webinar, which is free. (Click here)
Here’s a deeper dive into the EDA programs.
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 Innovation Evergreen Fund.
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.
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.
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.
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.
Applications for both auctions will open on Sept. 2 at 10a.m. and close on Oct. 3 at 5 p.m.
