Funviralpark
Economic development
December 27, 2022
The New Jersey Department of Economic Development (NJEDA) has released information about the state’s Food Desert Relief Tax Credit program and announced the date of a public hearing session. Established by the New Jersey Economic Recovery Act (ERA) of 2020, the Food Desert Relief Act (FDRA) provides up to $40 million in tax credits, loans, grants, and/or access to nutritious foods annually. technical assistance to increase food security and develop new approaches to mitigate food deserts. NJEDA is seeking public comment on the first program under the FDRA, the Food Desert Relief Tax Credit Program.
The Food Desert Relief Tax Credit program encourages supermarket sustainability to make a lasting impact on local communities. To qualify, applicants must prove that the supermarket can remain open for at least seven years to receive tax credits. Grants of up to 40% of the project cost are available for the development of the first new or substantially renovated supermarket within a designated Food Desert Community (FDC). project cost. Incentives are also available to cover initial operating margin shortfalls, including reasonable operating margins.
NJEDA, working with the Department of Community Affairs and Agriculture, previously designated 50 FDCs statewide, which were approved by the NJEDA Board in February 2022. Funding supermarkets, small and medium-sized retailers, and other entities that support food security initiatives. The program that will be the focus of upcoming public listening sessions is the Food Dessert Relief Tax Credit Program. The program aims to support the development and initial operation of new supermarkets and grocery stores in these communities.
The public is encouraged to review preliminary information and provide written feedback through the online form available on the Economic Recovery Act website. NJEDA will also host two listening sessions to hear public comment on proposed information for the Food Desert Relief Tax Credit Program. A detailed presentation will be given by NJEDA representatives and time will be allowed for questions, comments and feedback. Members of the public have the opportunity to provide comments on the information presented.
A virtual session will be held.
Those unable to attend these sessions and those wishing to provide written feedback may submit public comments until January 9th. To provide feedback online about the Food Desert Relief Tax Credit Program, please click here.
In addition to the Food Desert Relief Tax Credit program, ERA will create a series of programs including tax credits to encourage job creation, new construction, and reinvestment of historic property. Financial resources for small businesses. NJEDA will continue to engage the public as new programs and regulations are developed.
For more information and to provide a written opinion on the design and implementation of the Economic Recovery Act program, please visit https://www.njeda.com/economicrecoveryact/.
The Food Desert Tax Credit Program is part of a broad portfolio of operations focused on food security, including the Food Security Planning Grant and Sustain and Serve NJ. For more information on the Food Desert Relief Act and Food Desert Community designation, please visit https://www.njeda.com/food-desert-relief-program/.
To access additional business news, please visit: NJB News Now.
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