The proposed bill establishes the "Next New Jersey Program," administered by the New Jersey Economic Development Authority (NJEDA), to promote investments in artificial intelligence (AI) and related industries. The program aims to attract significant capital investments of at least $100 million and create a minimum of 100 new full-time jobs in businesses primarily engaged in AI activities. To qualify for tax credits, businesses must comply with environmental standards, prevailing wage laws, and provide health benefits to employees in eligible positions. The NJEDA will oversee the application process, ensuring that businesses meet all necessary conditions before awarding tax credits.

Additionally, the bill introduces provisions for tax credit transfer certificates, allowing eligible businesses to sell or assign these certificates to other entities with tax liabilities. It sets a cap of $11.5 billion for tax credits awarded under various programs, including a reserved amount for transformative projects under the Aspire Program. The tax credit amount for a project will be determined based on specific calculations, with the potential for additional credits if annual limitations for other programs are not fully utilized. This initiative is part of a broader strategy to stimulate economic growth and job creation in New Jersey's emerging technology sectors.

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