Unlocking New Jersey's Food Security: The Innovative Tax Credit Auction

In a bold move to address food deserts across New Jersey, the state's Economic Development Authority has announced the launch of the Food Desert Relief Tax Credit Auction. This innovative program aims to funnel much-needed resources into improving access to healthy and affordable food options for communities in need. The auction, set to open on August 28th and close on September 27th, presents a unique opportunity for businesses to contribute to this vital initiative while also benefiting from significant tax credits.

Empowering Communities, Nourishing Futures

Bridging the Gap: The Food Desert Relief Tax Credit Auction

The New Jersey Economic Development Authority's (NJEDA) Food Desert Relief Tax Credit Auction is a groundbreaking initiative that seeks to address the pressing issue of food deserts across the state. These are areas where access to nutritious and affordable food options is severely limited, often leaving residents with limited choices and facing significant health challenges. The auction, which will offer up to million in corporate and insurance premiums tax credits, is designed to provide the necessary funding to support programs and initiatives that will improve food security in these underserved communities.The auction process is open to eligible bidders, including New Jersey Corporation Business Tax or Insurance Premiums Tax filers, who can bid for tax credits at a discounted rate of up to 15%. This innovative approach not only incentivizes businesses to participate but also ensures that the proceeds from the auction will be directly channeled into programs and projects that will have a tangible impact on the lives of those living in food deserts.

Empowering Local Businesses, Strengthening Communities

The Food Desert Relief Tax Credit Auction is not limited to companies operating within the food industry. Any eligible business in New Jersey can participate, regardless of their sector. This inclusive approach recognizes the importance of engaging the broader business community in addressing the complex issue of food insecurity.By allowing businesses to bid for tax credits, the NJEDA is creating a win-win scenario. Companies can benefit from significant tax savings, while the funds generated from the auction will be used to support a range of initiatives aimed at improving food access and security in the state's 50 designated Food Desert Communities.

Complementing Existing Efforts: The Food Desert Relief Tax Credit Program

The Food Desert Relief Tax Credit Auction is designed to complement the existing Food Desert Relief Tax Credit Program, which provides tax credits to support the development and operation of new supermarkets in designated food desert communities. By combining these two initiatives, the NJEDA is taking a comprehensive approach to addressing the multifaceted challenges of food insecurity.The proceeds from the 2023 and 2024 auctions will be used to fund a variety of programs, including grants, loans, and technical assistance initiatives. These efforts will focus on supporting small and mid-sized food retailers, as well as other entities involved in strengthening food security within the state's food desert communities.

A Collaborative Effort: Engaging Stakeholders and Addressing Feedback

The NJEDA has taken a proactive approach in engaging with stakeholders and addressing any questions or concerns related to the Food Desert Relief Tax Credit Auction. The authority has set up a dedicated email address, [email protected], where interested parties can submit their inquiries until August 15th. The NJEDA has committed to providing responses to these questions no later than August 22nd, ensuring that all potential bidders have the necessary information to participate in the auction.This collaborative approach underscores the NJEDA's commitment to transparency and inclusivity, as it seeks to empower businesses and communities alike in the fight against food insecurity. By fostering open communication and addressing stakeholder feedback, the authority is positioning the Food Desert Relief Tax Credit Auction as a truly collaborative effort, one that has the potential to transform the landscape of food access in New Jersey.