The New Jersey Economic Development Authority (NJEDA) recently opened the auction up for up to $60 million in state tax credits. The funds are made available through the New Jersey Innovation Evergreen Fund Program and the Food Desert Relief Program.
The New Jersey Innovation Evergreen Program (NJIEF) works to help fund promising high-growth startups. The program matches private investments with state money raised from selling tax credits to large companies that want to support the Garden State’s economic development. Corporations can purchase credits for a minimum of 75% of face value to offset their state Corporation Business Tax or Insurance Premium Tax liability.
This year, $50 million are available in tax credits to purchase through the NJIEF. Eligible bidders must purchase at least $500,000 in tax credits. Completed bid applications must be put in by Oct. 3 at 5 p.m.
Purchasers of NJIEF tax credits must fulfill a self-defined strategic commitment to support the state’s innovation and economy. They must also select a representative from the company to serve on the New Jersey Innovation Evergreen Advisory Board.
$10 million in tax credits will also be made available from the NJEDA through the Food Desert Relief Program. The program supports the development of supermarkets in 50 New Jersey communities that don’t have easy access to food. Eligible bidders must also purchase at least $500,000 in tax credits, though at a minimum of 85% of face value.