NJEDA Expands Food Desert Relief Tax Credit Auction to $15M

TRENTON, N.J. (October 12, 2023) – The New Jersey Economic Development Authority (NJEDA) is increasing the amount of tax credits available to $15 million through the Food Desert Relief Tax Credit Auction. The proceeds of the auction will fund programs aimed to improve and increase access to healthy and affordable food throughout New Jersey’s 50 Food Desert Communities (FDCs).

WHAT:            Due to robust response to the Food Desert Relief Tax Credit Auction, the NJEDA has raised the available auction pool from $10 million to $15 million. Eligible bidders must be New Jersey Corporation Business Tax or Insurance Premiums Tax filers. Companies can bid for tax credits at a discount of up to 15 percent.

Proceeds from the auction will be used to fund programs that will advance the priorities established by the Food Desert Relief Act (FDRA). These future grants, loans, and technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support development and operation of new supermarkets in FDCs, by supporting small and mid-sized food retailers and other entities involved in strengthening food security.

WHEN:           Applications will close on October 18 at 5:00 p.m.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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