The tax credit auction is built to both raise capital and increase engagement into New Jersey’s innovation ecosystem, notably, with well-established corporations operating in New Jersey. To help foster engagement and collaboration, all applicants are required to make a strategic commitment to support New Jersey’s innovation ecosystem.
These Strategic Commitments are programs or initiatives put forth by the auction bidders, oriented to categorically support aspects of the New Jersey innovation ecosystem such as investing into people (develop talent), developing the ecosystem (commit to hold start-up events and programs), providing investment (provide resources, access to customer channels or distribution networks, monetary support) and marketing (promote Evergreen and provides public relations support around the support of innovation in New Jersey). Other examples appear in the corporate tax credit bidder pamphlet available here.
Ultimately, the strategic commitment is an open-ended proposition put forward by the bidder as a unique contribution. These strategic commitments will be evaluated in conjunction with the purchase offer to determine each corporate tax credit bidder score.
- Program strategic commitments are open ended and may take many shapes. All commitments must support the State’s innovation ecosystem.
- Auction purchasers must submit an annual report to the NJEDA detailing progress of strategic commitment completion.
- Successful auction purchasers that must change a strategic commitment due to unforeseen circumstance should contact the NJEDA at NJIEF@NJEDA.COM