NJ Innovation EVERGREEN FUND (NJIEF)- Corporate Interest Survey
The New Jersey Innovation Evergreen Fund (NJIEF) is a novel program built to support investment and strategic engagements among active members of New Jersey’s innovation economy, including established corporate citizens, venture capital investors and high growth businesses. In the first stage of the program, New Jersey will sell discounted tax credits to corporations with a corporate business tax liability in the state (pursuant to Section 5 of P.L. 1945, c. 162 (N.J.S.A. 54:10A-5)) to raise the principal funds for investment and strategic support.
Up to $60 million in corporate business tax credits will be available per year through a competitive auction with a minimum bid of $500,000. Corporations may purchase program tax credits for a minimum of 75 percent of face value, saving up to 25 percent on corresponding NJ business tax liabilities.
As a program requirement, purchasers must fulfill a self-defined strategic commitment to support the New Jersey’s innovation economy and nominate a representative to serve on the New Jersey Innovation Evergreen Advisory Board. Examples of potential strategic commitments may be found at the following link: Evergreen Corporate Investment Partners