The New Jersey Economic Development Authority has scheduled an April 17 online information session for the 2024 Food Desert Relief Tax Credit Auction for corporations and insurance companies to bid for a discount of up to 15% of their tax liability.
The auction was first held in 2023, receiving more than $20 million in bids for $15 million in available tax credits, and raising more than $13 million for future programs to improve food security in New Jersey’s Food Desert Communities.
Proceeds from the auction support programs focused on the 50 designated “food desert communities” in all 21 counties and could include grants and loans to food retailers to establish and retain locations.
Funding can be used by food retailers for equipment costs associated with providing nutritious food, technical assistance on best practices for increasing access to nutritious foods, and other efforts to alleviate food insecurity.
To participate in the auction, bidders must request a minimum of $500,000 in New Jersey Corporation Business Tax credits or Insurance Premiums Tax credits and must bid a minimum of $0.85 per dollar of tax credits requested.
During the information session, staff will describe the eligibility requirements and auction process, walk through the application, and answer questions from attendees.
To register, click here. Questions may be emailed to FDRTCAuction@NJEDA.gov.
