The "Next New Jersey Program Act" aims to stimulate investment in key industries, particularly artificial intelligence (AI), and create new jobs in the state. The New Jersey Economic Development Authority (NJEDA) will oversee the program, which offers tax credits to businesses that invest a minimum of $100 million and create at least 100 full-time jobs, with over 50% of employees engaged in AI-related activities. Businesses must also collaborate with New Jersey-based research institutions or technology startups and comply with environmental standards and prevailing wage requirements. The bill outlines a detailed application process for tax credits, including background checks and the potential forfeiture of credits for material misrepresentations.

Additionally, the bill amends existing laws regarding tax credits, requiring eligible businesses to secure site plan approval, committed financing, and site control before entering a project agreement with the NJEDA. It introduces provisions for the transfer of tax credits, allowing businesses to sell or assign tax credit transfer certificates, and sets a cap of $11.5 billion on the total value of tax credits awarded over nine years, with specific allocations for various programs. The bill also allows for the transfer of uncommitted tax credits to other projects and establishes criteria for approving tax credits beyond annual limits in certain circumstances. 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