The New Jersey Economic Development Authority (NJEDA) is set to open applications for two tax credit auctions aimed at funding innovative programs. The auctions will support efforts in food security and high-growth business investments.
The Food Desert Relief Tax Credit Auction will make available up to $10 million in tax credits. Proceeds from this auction will fund initiatives under the Food Desert Relief Act, which aims to increase access to healthy and affordable food in the state's 50 Food Desert Communities. These funds will support various entities involved in enhancing food security, including smaller retailers and nonprofits.
In addition, the New Jersey Innovation Evergreen Fund Tax Credit Auction will offer up to $50 million in tax credits. This initiative supports co-investments into New Jersey-based innovative businesses through the New Jersey Innovation Evergreen Fund (NJIEF). Under NJIEF, the state plans to invest up to $600 million alongside professional venture capital firms into startups.
Both auctions are open to New Jersey corporate taxpayers or insurance companies seeking to reduce their 2025 tax liability while supporting economic development efforts. Companies do not need a direct connection to food deserts or innovation sectors to participate. Discounts of up to 15% and 25% are available through the respective auctions.
Applications for both auctions open on September 2, 2025, at 10:00 a.m., closing on October 3, 2025, at 5:00 p.m. An informational webinar is scheduled for July 31, 2025, providing an overview of both auctions.
