Applications Open For Food Desert Relief Supermarket Tax Credit Program
TRENTON, N.J. (December 19, 2023) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Food Desert Relief Supermarket Tax Credit Program tomorrow, Wednesday, December 20, 2023. The Food Desert Relief Supermarket Tax Credit Program was established by the New Jersey Economic Recovery Act (ERA) of 2020.
WHAT: The Food Desert Relief Supermarket Tax Credit Program addresses the food security needs of New Jersey’s 50 Food Desert Communities (FDCs) by providing up to $40 million per year in tax credits to develop and sustain new supermarkets and grocery stores in food deserts. No more than two grocery stores in each FDC can receive tax credits through the program.
The program is comprised of two tax credits: the Financing Cap Tax Credit, applied for by a store’s developer, and the Initial Operating Costs Tax Credit, applied for by a store’s operator. For a single store to receive both credits, the applications must be reviewed and approved at the same time. Tax credits may be resold for a minimum of 85% of the transferred credit amount.
WHEN: Applications opened Wednesday, December 20.
To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.