Morris County / NJ Innovation Evergreen Fund Promotion
The New Jersey Innovation Evergreen Fund (NJIEF) corporate tax credit auction opened on Monday, August 1, 2022. The auction is an unprecedented opportunity for established corporate citizens in New Jersey to access a discount of up to 25% on their corporate business tax liability in the State and promote their strategic engagement and innovation objectives. Auction bids will be evaluated according to price and strategic commitment.
The funds raised from the auction will later be matched by professional venture capital firms and invested into high-growth, early-stage start-up businesses across the Garden State. This novel platform is built to align important constituents operating in the State to create the conditions necessary to drive New Jersey towards the goal to become the most diverse, innovative ecosystem in the nation.
Established corporations with a NJ corporate tax liability in excess of $500,000 interested in learning more about participating in the corporate tax auction, please contact Kara Moore (kmoore@njeda.com).
Information Courtesy of Kara Moore with the NJEDA.