The Murphy administration and the N.J. Economic Development Authority have high expectations for the Innovation Evergreen Fund – an effort they say could be a game-changer for the process of nurturing startups in the innovation economy.
So far, it appears those expectations are warranted.
On Tuesday afternoon, the EDA announced the amount of tax credits available through the tax credit auction phase of the fund will increase from $30 million to $50 million, due to a high response rate.
The auction is the first of up to five tax credit auctions, designed to fuel the NJIEF investment phase starting later this year. The NJIEF is an innovative tool designed to incentivize investment in emerging New Jersey companies while creating mentoring, networking, and educational opportunities to help position these companies for success.
Corporations seeking to purchase the tax credits must commit to supporting the state’s innovation economy through activities such as mentorship, internships, sales and distribution pipeline access – and availability to serve on the NJIEF Advisory Board for one year.
Please note: Completed applications, including a refundable deposit, must be received by Oct. 7. (Click here for complete details).
The corporations that participate will benefit with a discount on their New Jersey corporate business tax liability of up to 25 percent and access to innovative businesses and investors, in exchange for their dollars and their active commitment to support the innovation economy in New Jersey.
State officials feel this strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in the state.
