Unallocated Capital Available: $46,105,986*
*Unallocated capital is available for initial and follow-on investment, management fees and organizational expenses and ecosystem system building support as clarified in program regulations. This is to be updated on a quarterly basis per regulations and is current as of 6/22/2023.
Innovation can occur anywhere, but it may have the greatest chance of success when born and fostered with the collaboration of interested partners. Entrepreneurship is a primary contributor to job creation and sustainable economic growth. New businesses can create disruptive products and services that launch new markets and spur employment in high-wage industries. While innovation is frequently associated with early-stage enterprises, few such businesses have the depth of resources of more established corporations necessary to turn their innovative ideas into realized solutions. Proximity and access to funding are key value drivers for the development of an entrepreneurial ecosystem. Venture capital can serve a critical function to help commercialize, test and scale research and ideas to truly transform the economy and, to attract and retain budding entrepreneurs. The Evergreen Program directly addresses our state’s competitive position in venture capital funding nationally and aims to create the conditions necessary for our entrepreneurs to succeed.
The Evergreen Program forms a platform that partners with the private sector to raise and invest capital in qualified New Jersey-based companies. The Evergreen Program will secure funding and strategic support from the sale of state corporate tax credits in a competitive auction, then partner with private venture capital firms to co-invest the funds in eligible early-stage businesses in New Jersey. This application of known economic development tools form a novel mechanism intended to create alignment among the resources of New Jersey’s established corporate citizens with professional venture capital investment firms and early-stage businesses in New Jersey.
Tax Credit Purchasers:
Qualified Venture Firms:
Please click below to learn more about the Evergreen Corporate Auction, or the Evergreen Investment Fund
A new law, P.L.2023, c,118 (S3783), modified certain aspects of the New Jersey Innovation Evergreen Program (the Evergreen Program), N.J.S.A. 34:1B-288, et seq. Although the program rules have not yet been updated to reflect the statutory changes, the new law is in effect as of July 20, 2023.
The statutory revisions make the following changes to the Evergreen Program, including, but not limited to:
- The Authority may increase the minimum amount paid for program tax credits to an amount above 75 percent of the requested dollar amount of tax credits.
- Program tax credits may now be applied to New Jersey Insurance Premium Tax liability, in addition to New Jersey Corporation Business Tax liability previously permitted.
- Qualified Businesses may meet the requirements of maintaining principal business operations in the State by demonstrating any of the following requirements are met: (1) at least 50 percent of the business’s employees not primarily engaged in retail sales reside in the State; (2) at least 50 percent of the business’s payroll for employees not primarily engaged in retail sales is paid to individuals living in the State; (3) at least 50 percent of the business’s full-time employees not primarily engaged in retail sales are filling a position in the State; or (4) at least 50 percent of the business’s payroll for employees not primarily engaged in retail sales is paid to full-time employees filling a position in the State.