The New Jersey Economic Development Authority (NJEDA) will auction up to $25 million in corporation business tax and insurance premiums tax credits in the upcoming Food Desert Relief Tax Credit Auction, which can help businesses reduce their state taxes up to 15%.
The auction directly benefits NJEDA’s programs that improve food access and fight hunger in designated "food desert communities” where residents have limited access to nutritious foods, such as fresh fruits and vegetables.
The NJEDA will begin accepting applications at 10 a.m. on Tuesday, Sept. 8 and close the process on Friday, Oct. 9, 2026, at 5 p.m.
An NJEDA webinar held on Aug. 10 explained the application process and how successful bidders will be selected. Go here to watch NJEDA’s video of the webinar.
Proceeds from past auctions have already begun making an impact on combating food insecurity. Previous auctions have allowed NJEDA to make $30 million in grants to 73 organizations that provide food in underserved areas of the state.
The Food Desert auction is open to all businesses with NJ CBT or IPT liability and has a minimum tax credit request of $500,000 and a minimum price of $0.85 per dollar. Bidders do not need to be located in a food desert community, and they do not have to make any ongoing commitments beyond the purchase transaction.
