This bill aims to bolster New Jersey's economy by establishing programs within the New Jersey Economic Development Authority (EDA) to support start-ups, small businesses, and medium-sized businesses that are either involved in the artificial intelligence (AI) sector or looking to adopt AI technologies. It creates three key initiatives: the AI Job Creation and Economic Development Fund Program, the AI for Small Business Grant Program, and the AI for Small and Medium-Sized Businesses Consultancy Program. The bill appropriates a total of $175.5 million from the General Fund to fund these programs, with $25 million allocated for the Fund Program, $150 million for the Grant Program, and $500,000 for the Consultancy Program.

Under the AI Job Creation and Economic Development Fund Program, businesses can receive grants of up to $500,000 for developing AI innovation hubs and low-interest loans of up to $1 million for expanding or improving operations. The AI for Small Business Grant Program allows qualified start-ups and small businesses to apply for grants ranging from $10,000 to $1 million, depending on the purpose of the funding. Lastly, the Consultancy Program will provide technical assistance to small and medium-sized businesses in implementing AI technologies. The bill mandates annual reporting on the operations and impacts of these programs, ensuring transparency and accountability in the use of the appropriated funds.