Due to higher than expected interest, the New Jersey Economic Development Authority (NJEDA) announced it will increase the total amount of tax credits available through its Food Desert Relief Tax Credit Auction and the New Jersey Innovation Evergreen Fund Tax Credit Auction to $110 million.
The Food Desert Relief Tax Credit Auction will now offer up to $25 million in tax credits, an increase from the previous $10 million. Proceeds 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. The funds will be used for future grants, loans, or technical assistance initiatives that complement the existing Food Desert Relief Supermarket Tax Credit Program. This program supports the development and operation of new supermarkets in underserved areas, as well as other organizations focused on enhancing food security.
The New Jersey Innovation Evergreen Fund Tax Credit Auction will sell up to $85 million in tax credits, up from $50 million previously offered. Money raised from this auction will be matched by professional venture capital firms and invested into high-growth, early-stage companies across New Jersey through the New Jersey Innovation Evergreen Fund (NJIEF). The NJIEF aims to help innovative businesses start, grow, and remain within the state.
"Up to $25 million in tax credits, an increase from $10 million, will be available for purchase through the Food Desert Relief Tax Credit Auction. Proceeds will fund programs that increase access to healthy and affordable food throughout New Jersey’s 50 Food Desert Communities. These future grants, loans, and/or technical assistance initiatives will complement the Food Desert Relief Supermarket Tax Credit Program, a tax credit program to support the development and operation of new supermarkets in Food Desert Communities, by supporting other entities involved in strengthening food security, including smaller retailers and nonprofits."
"The New Jersey Innovation Evergreen Fund Tax Credit Auction will sell up to $85 million in tax credits, an increase from $50 million, to fuel additional support for the State’s innovation ecosystem through the New Jersey Innovation Evergreen Fund (NJIEF). The NJIEF helps ensure that more innovative, high-growth 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."
New Jersey corporate taxpayers or insurance companies interested in reducing their 2025 state tax liability can participate in these auctions regardless of their industry or location. Companies may bid for tax credits at discounts of up to 15 percent through the Food Desert Relief auction and up to 25 percent through the Innovation Evergreen Fund auction.
"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. Companies do not need to be in a food desert, in the food industry, or in the innovation space to buy tax credits through the auctions. 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."
Applications for both auctions close on Friday, October 3, 2025 at 5:00 p.m., with further details available on NJEDA’s website. Applicants may update their submissions online before this deadline or contact NJEDA staff via email.
