Due to greater than anticipated demand, the New Jersey Economic Development Authority announced Oct. 4 an increase in funding for tax credits available through the auction phase of the New Jersey Innovation Evergreen Fund (NJIEF).
Because of robust demand, the NJEDA raised the available auction pool from $30 million to $50 million. The organization says the move is a result of established corporate leaders engaging in the state’s innovation economy.
Totally into it
Programs and projects around the state are working to build Gov. Phil Murphy’s economy ecosystem, hoping to recapture New Jersey’s role as a leader in innovation while also creating a diverse and inclusive environment. Read more.
The NJIEF is a tool designed to incentivize investment in emerging New Jersey companies while creating mentoring, networking and educational opportunities. This auction is the first of five, which are designed to fuel the investment phase of NJIEF starting later this year.
In exchange for their dollars and a commitment to support the state’s innovation economy, participating corporations will benefit with a discount on their state corporate business tax liability of up to 25% and access to innovative businesses and investors. The participating corporations must commit to supporting the innovation economy through activities such as internships, sales and distribution pipeline access, and availability to serve on the NJIEF Advisory Board for one year.
The NJEDA says the goal is to support New Jersey’s entrepreneurs while ensuring that more companies start, grow and stay in the Garden State.
Corporations have until Oct. 7 to submit completed applications, including a refundable deposit.
Full details on the NJIEF can be found here.