The "Next New Jersey Program Act" aims to stimulate investment in key industries, particularly artificial intelligence (AI), and create new jobs in the state. Administered by the New Jersey Economic Development Authority, the program allows eligible businesses to apply for tax credits if they invest at least $100 million and create a minimum of 100 new full-time jobs, while primarily engaging in AI-related activities and collaborating with New Jersey-based research institutions or technology startups. The bill emphasizes compliance with environmental and sustainability standards, as well as prevailing wage requirements for construction work.

Additionally, the bill amends existing tax credit laws, requiring businesses to secure site plan approval, committed financing, and site control before entering a project agreement with the authority. It introduces provisions for the transfer of tax credits, allowing businesses to sell or assign tax credit transfer certificates, and sets a cap on the total value of tax credits awarded across various programs, not to exceed $11.5 billion over nine years. The bill also outlines specific allocations for transformative projects and establishes annual caps for tax credits awarded under multiple programs, with certain exceptions and conditions for exceeding these limits.

Statutes affected:
Introduced: 34:1B-362
Advance Law: 34:1B-362
Pamphlet Law: 34:1B-362