The proposed bill establishes the "Next New Jersey Program" under the New Jersey Economic Development Authority (NJEDA) to promote investments in the artificial intelligence (AI) sector and related industries. The program aims to attract significant capital investments of at least $100 million and the creation of a minimum of 100 new full-time jobs. Eligible businesses must primarily engage in AI-related activities and collaborate with local research universities or technology startups. The bill outlines specific eligibility criteria, including compliance with environmental standards, prevailing wage requirements, and the provision of health benefits to employees. It also prohibits businesses from receiving tax credits if they are already benefiting from other state tax credit programs for the same investment.

Additionally, the bill modifies existing legislation by reallocating up to $500 million in tax credits from the New Jersey Aspire Program and the Emerge Program to support eligible AI businesses. It allows for the transfer of tax credits under specific conditions and mandates that businesses certify the truthfulness of their applications under penalty of perjury. The NJEDA will evaluate applications and may require businesses to cover application analysis costs, with waivers available for small businesses. Overall, the Next New Jersey Program aims to foster economic growth in the AI sector while ensuring accountability and compliance with labor and environmental standards.

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