![Tyson Foods Plant [Photo: Food Manufacturing]](https://southarkansassun.com/wp-content/uploads/2023/08/iStock_1185520857__1_.5e441daa51cca-600x337.jpg)
![Silverado Senior Living Management Inc. [Photo: Los Angeles Times]](https://southarkansassun.com/wp-content/uploads/2023/10/download-6-4-600x337.jpg)
![China's Wuhan Institute of Virology [Photo: Nature]](https://southarkansassun.com/wp-content/uploads/2023/09/d41586-021-01529-3_19239608-600x337.jpg)
Applications Open August 28, 2024
NJEDA Opens Applications for $20M Food Desert Relief Tax Credit Auction
The $20 million Food Desert Relief Tax Credit Auction will soon be accepting applications, according to the New Jersey Economic Development Authority or NJEDA. The Food Desert Relief auction will offer insurance and business tax credits starting on August 28, 2024 to help increase the availability of reasonably priced healthful food in New Jersey’s 50 Food Desert Communities (FDCs). The NJEDA Board approved this auction in February 2024 following a successful $15 million auction in 2023. Money from these auctions will be used for grants, loans and technical help to make nutritious food more available in areas that need it most. This effort is part of the Food Desert Relief Act which aims to support new supermarkets and other food-related businesses in these underserved areas.
Any company that files New Jersey Corporation Business Tax or Insurance Premiums Tax returns can bid in the auction. Companies do not need to be in a food desert or the food industry to participate. They can buy tax credits at a discount of up to 15 percent which offers a financial benefit while supporting a good cause. Applications for the auction open on August 28, 2024 at 10:00 a.m. and close on September 27, 2024 at 5:00 p.m. Interested companies can find a sample application and more details on the NJEDA website. Questions can be sent to [email protected] until August 15, 2024 at 5:00 p.m. Answers will be posted by August 22, 2024 at 5:00 p.m.
READ ALSO: Virginia’s $1.4 Billion Broadband Plan: Paving the Way for Universal Internet Access Across the State by 2028
$20M Food Desert Relief Tax Credit Auction Opens in New Jersey – Apply Now! (PHOTO: New Jersey Business Magazine)
NJEDA’s Mission and Impact
Furthermore, the primary organization in New Jersey for encouraging economic growth is the NJEDA. It seeks to establish the state as a pioneer in sustainable and inclusive development. The NJEDA prioritizes promoting economic justice, strong community development, and the creation of quality jobs. The NJEDA strives to enhance New Jersey’s quality of life and economic health via collaboration with a range of organizations. In order to combat food insecurity and enhance the health of those residing in food deserts, this new tax credit auction is a significant step forward. More families will have access to the wholesome food they require for healthy lives thanks to the NJEDA‘s work.
READ ALSO: $1,751 Per Month in Food Assistance: Understanding SNAP Benefits Across the US
