The New Jersey Economic Development Authority (NJEDA) has announced that the amount of tax credits available through the tax credit auction phase of the New Jersey Innovation Evergreen Fund (NJIEF) will increase from $30 million 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. Corporations have until Friday, Oct. 7, 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% 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.com/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 Oct. 7, 2022.
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