This bill establishes the Artificial Intelligence Initiative Funding Task Force within the Department of the Treasury, consisting of 11 members, including key state officials and public appointees. The task force is tasked with researching and reporting on potential sources of public and private funding for artificial intelligence initiatives in New Jersey. Its report will cover current funding sources, recommend tax incentives to support affected business sectors, explore public-private partnerships, and suggest collaborations with higher education institutions. The task force is required to submit its final report within 12 months of its formation, which will also identify legislative bills for consideration by the Legislature.

The task force will include the State Treasurer, the Commissioner of Labor and Workforce Development, the Chief Executive Officer of the Economic Development Authority, the Secretary of Higher Education, and the Executive Director of the New Jersey Commission on Science, Innovation, and Technology, along with six public members appointed by state leaders. The task force will expire 30 days after issuing its report, which will be made publicly available on the Department of the Treasury's website. Members will serve without compensation but will be reimbursed for necessary expenses incurred in their duties.