The proposed bill establishes the "Next New Jersey Program" under the New Jersey Economic Development Authority (NJEDA) to promote investments in artificial intelligence (AI) and large-scale AI data centers. The program aims to attract significant capital investments of at least $100 million and create a minimum of 100 new full-time jobs in AI-related activities. Eligible businesses must collaborate with New Jersey-based research universities or technology startups and comply with environmental standards, prevailing wage requirements, and health benefits for employees. The NJEDA will review applications to ensure compliance and good standing with state departments, with the program set to remain effective until March 1, 2029.

Additionally, the bill reallocates up to $500 million in tax credits from the New Jersey Aspire and Emerge Programs to support the Next New Jersey Program, allowing uncommitted credits from these programs to be redirected to eligible AI businesses. The tax credit amount is capped at the lesser of 0.1% of total capital investment multiplied by the number of new full-time jobs, 25% of total capital investment, or $250 million. The bill emphasizes accountability through annual reporting requirements and establishes a framework for the transfer of tax credits, ensuring that businesses fulfill their commitments to job creation and compliance with state regulations.

Statutes affected:
Reprint: 34:1B-362
Introduced: 34:1B-362