The New Jersey Economic Development Authority (NJEDA) has launched an auction for up to $60 million in state tax credits. The initiative is part of two programs: the New Jersey Innovation Evergreen Fund Program and the Food Desert Relief Program.
The New Jersey Innovation Evergreen Program (NJIEF) is designed to support high-growth startups by combining private investment with state funds generated from selling tax credits. Large corporations can buy these credits at a minimum of 75% of their face value, which they can use to reduce their state Corporation Business Tax or Insurance Premium Tax obligations.
For the 2025 auction, $50 million in NJIEF tax credits are available. Companies interested in participating must bid for at least $500,000 worth of credits and submit completed applications, including a refundable deposit, by 5 p.m. on October 3, 2025. Purchasers are also required to make a strategic commitment to bolster the state's innovation economy and appoint a representative to serve on the New Jersey Innovation Evergreen Advisory Board.
In addition, NJEDA has opened bidding for $10 million in tax credits under the Food Desert Relief Program. This program aims to encourage supermarket development in 50 communities across New Jersey that lack easy access to fresh food. Bidders must purchase at least $500,000 in credits at no less than 85% of face value and initiate a refundable deposit equal to 10% of their intended purchase via wire transfer before the deadline.
More information about both programs and their respective application processes can be found on the NJEDA’s website:
- Details about the NJ Innovative Evergreen Program tax auction are available here.
- Information regarding the Food Desert Relief Program tax auction can be accessed here.
