NJ Innovation Evergreen Fund Corporate Tax Credit Auction
The New Jersey Innovation Evergreen Fund (NJIEF) is a partnership with the private sector that will raise and invest funds in New Jersey-based companies to address New Jersey’s shortfalls in venture capital funding and create the conditions necessary for entrepreneurs to succeed.
The NJEDA will raise funds for the NJIEF by offering up to $300 million of tax credits over seven years through annual auctions. Corporations have the opportunity to offset their CBT liability in the state by up to 25%. For the 2022 auction year, a pilot amount of $30,000,000 of tax credits will be available for purchase (based on demand, the Authority may increase the amount of tax credits available for purchase). The auction will open August 1, 2022. Auction bids will be evaluated according to price and strategic commitments the bidding company makes to support NJIEF’s portfolio companies and the state’s broader innovation ecosystem.”
You can view the full program presentation deck here for more information.
Information Courtesy of the NJEDA.