NJEDA Expands Funding for Tax Credit Auctions Due to High Demand

Auctions will support Food Desert Relief efforts and the NJ Innovation Evergreen Fund

TRENTON, N.J. (September 30, 2025) – Due to greater than anticipated demand, the New Jersey Economic Development Authority (NJEDA) will increase the amount of tax credits available to a total of $110 million for the Food Desert Relief Tax Credit Auction and the New Jersey Innovation Evergreen Fund Tax Credit Auction.

WHAT:            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.

WHO:              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.       

WHEN:           Applications for both auctions will close on Friday, October 3, 2025, at 5:00 p.m. Applications for the Food Desert Relief Tax Credit Auction can be found here. Applications for the New Jersey Innovation Evergreen Fund Tax Credit Auction can be found here.

Applicants may revise their application ahead of the deadline through the online application or by contacting NJEDA staff at FDRTCauction@njeda.gov or NJIEF@njeda.gov.

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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