NJEDA to Auction up to $60M in Tax Credits to Fund Innovative Programs

Auctions will support Food Desert Relief efforts and Innovation Evergreen Fund

TRENTON, N.J. (July 24, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Food Desert Relief Tax Credit Auction and the New Jersey Innovation Evergreen Fund Tax Credit Auction. The proceeds from the Food Desert Relief Tax Credit Auction will fund programs that increase access to healthy and affordable food in the state’s 50 Food Desert Communities (FDCs). The New Jersey Innovation Evergreen Fund Tax Credit Auction will support the Authority’s co-investments into NJ-based innovative high-growth businesses through the New Jersey Innovation Evergreen Fund (NJIEF).

WHAT: Up to $10 million in tax credits will be up for sale through the Food Desert Relief Tax Credit Auction and proceeds will fund programs that advance the priorities established by the Food Desert Relief Act. These future grants, loans, and/or technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support the development and operation of new supermarkets in FDCs, 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 $50 million in tax credits to fuel the NJIEF. Under the NJIEF, the State will become an equity investor in startups deploying up to $600 million into companies alongside professional venture capital firms. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more 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 Tax Payers 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 open on September 2, 2025, at 10:00 a.m. and close on 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.

An informational webinar that will provide an overview of both auctions will be held on Thursday, July 31, 2025, at 12:00 p.m. For more information and to register for the webinar, click here. 

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 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