The "Next New Jersey Program Act" is designed to attract investment in key industries, particularly artificial intelligence (AI), and create new jobs in New Jersey. The New Jersey Economic Development Authority will oversee the program, allowing eligible businesses to apply for tax credits if they invest at least $100 million and create a minimum of 100 new full-time jobs. The bill outlines specific criteria for eligibility, including compliance with environmental standards and prevailing wage laws, and requires businesses to demonstrate a primary focus on AI, defined as having over 50% of employees or revenue related to AI activities. Additionally, businesses must collaborate with New Jersey-based research institutions or technology startups, and the authority will verify their compliance with state regulations before approving tax credit applications.

The bill also amends existing laws regarding tax credits, establishing requirements for eligible businesses to secure site plan approval, committed financing, and site control before entering a project agreement with the authority. It includes provisions for the recapture of tax credits if businesses fail to meet the agreement's stipulations, such as maintaining job creation and adhering to environmental regulations. Furthermore, the legislation sets annual caps for tax credits across various programs, allows for the transfer of uncommitted tax credits, and establishes an overall cap of $11.5 billion for approved tax credits. The authority is granted the flexibility to approve credits beyond annual limits under certain conditions, ensuring responsiveness to economic needs. The act is set to take effect immediately upon approval.

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