The New Jersey Economic Development Authority (NJEDA) has announced an increase in the amount of tax credits available for two ongoing auctions, responding to higher than expected demand. The total allocation will now reach $110 million for the Food Desert Relief Tax Credit Auction and the New Jersey Innovation Evergreen Fund Tax Credit Auction.
For the Food Desert Relief Tax Credit Auction, NJEDA will make up to $25 million in tax credits available, raising the initial offering from $10 million. Funds generated from this auction are intended to support programs that improve access to healthy and affordable food in New Jersey’s 50 designated Food Desert Communities. These initiatives will include grants, loans, and technical assistance, and will supplement the existing Food Desert Relief Supermarket Tax Credit Program by also supporting smaller retailers and nonprofit organizations working on food security.
The New Jersey Innovation Evergreen Fund Tax Credit Auction will offer up to $85 million in tax credits, an increase from its previous cap of $50 million. The proceeds are aimed at strengthening the state’s innovation sector through the New Jersey Innovation Evergreen Fund (NJIEF). This fund is designed to encourage innovative companies with high growth potential to establish or expand their operations within New Jersey. Money raised through the auction will be matched by venture capital firms and invested into early-stage businesses across the state.
Participation in these auctions is not limited by industry or location; companies do not need to operate within a food desert community or be part of the innovation sector to bid on tax credits. Businesses can purchase tax credits at a discount—up to 15 percent for the Food Desert Relief auction and up to 25 percent for the Innovation Evergreen Fund auction.
Applications for both auctions must be submitted by Friday, October 3, at 5:00 p.m.
