Effective from 07/20/2023, New Jersey has enacted modifications to its tax credit programs, specifically targeting the New Jersey Innovation Evergreen Act and the Food Desert Relief Act (L. 2023, S3783, c. 118).
Innovation Evergreen Act
The provisions related to eligibility for becoming a qualified business under the Innovation Evergreen Act have been made more stringent. This act aims to stimulate growth, and these changes appear to further align benefits with businesses that meet the state’s economic development goals.
Food Desert Relief Act
Changes were also made to the conditions for purchasers of tax credits under the Food Desert Relief Program, including when these credits are valid. The act incentivizes investments in areas lacking access to fresh, healthy food.
Conclusion
The modifications to these two programs reflect New Jersey’s ongoing commitment to a more tailored approach to economic incentives. Businesses and investors in New Jersey may want to consult the official text of L. 2023, S3783 (c. 118) to understand the full impact of these changes.
By making the criteria for the Innovation Evergreen Act more specific and modifying the Food Desert Relief Program’s tax credit conditions, the state aims to create a more effective set of incentives that align closely with its economic and social objectives.