NJEDA Expands Funding for New Jersey Corporate Tax Credit Auction in Response to High Demand
Funding will fuel ‘Innovation Evergreen Fund’s’ investment in Garden State early-stage businesses
Trenton, N.J. (October 4, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced the amount of tax credits available through the tax credit auction phase of the New Jersey Innovation Evergreen Fund (NJIEF) will increase to $50 million. Demand in response to the NJIEF tax credit auction has been robust among the State’s established corporate leaders engaged in the state’s innovation economy and, based on greater than anticipated demand, the NJEDA has raised the available auction pool from $30 million to $50 million. Corporations have until Friday, October 7th, to submit their completed applications.
The auction is the first of up to five tax credit auctions, designed to fuel the NJIEF investment phase starting later this year. The NJIEF is an innovative tool designed to incentivize investment in emerging New Jersey companies while creating mentoring, networking, and educational opportunities to help position these companies for success.
The corporations that participate will benefit with a discount on their NJ corporate business tax liability of up to 25 percent and access to innovative businesses and investors, in exchange for their dollars and their active commitment to support the innovation economy in New Jersey. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in the state. Full details on the NJIEF are available at https://www.njeda.gov/evergreen.
Corporations seeking to purchase the tax credits must commit to supporting the state’s innovation economy through activities such as mentorship, internships, sales and distribution pipeline access, and availability to serve on the NJIEF Advisory Board for one year. Completed applications, including a refundable deposit, must be received by October 7, 2022.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.
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