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 the awarding of tax credits if the business has received similar credits for the same investment under other programs.

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 conditions for the sale of these certificates, including a minimum sale price and restrictions on subsequent transfers. The bill also amends existing legislation to include the "Next New Jersey Program Act" within the overall cap of $11.5 billion for tax credits awarded across various programs, ensuring that transformative projects under the Aspire Program are prioritized. Overall, the initiative aims to enhance accountability and compliance among businesses receiving tax incentives while fostering economic growth through job creation and investment in New Jersey's emerging technology sectors.

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