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NJEDA Expands Food Desert Relief Tax Credit Auction to $15M

NJEDA Expands Food Desert Relief Tax Credit Auction to $15M

The New Jersey Economic Development Authority (NJEDA) is increasing the amount of tax credits available to $15 million through the Food Desert Relief Tax Credit Auction. The proceeds of the auction will fund programs aimed to improve and increase access to healthy and affordable food throughout New Jersey’s 50 Food Desert Communities (FDCs).

Eligible bidders must be New Jersey Corporation Business Tax or Insurance Premiums Tax filers. Companies can bid for tax credits at a discount of up to 15 percent. Applications will close on October 18 at 5:00 p.m.

Proceeds from the auction will be used to fund programs that will advance the priorities established by the Food Desert Relief Act (FDRA). These future grants, loans, and technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support development and operation of new supermarkets in FDCs, by supporting small and mid-sized food retailers and other entities involved in strengthening food security.

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