The bill establishes the Artificial Intelligence Innovation Partnership, administered by the New Jersey Commission on Science, Innovation and Technology, to support emerging AI technology businesses and foster collaborative innovation ecosystems throughout the state. The partnership's goals include enhancing business competitiveness through advanced technologies, facilitating stakeholder interactions, providing access to capital, and offering training and technical assistance. It also emphasizes the development of business incubation resources and the promotion of underrepresented AI technology businesses to enhance diversity within the sector.

The commission will certify nonprofit organizations as partners based on their regional focus, which encompasses areas such as financial technology, healthcare, agriculture, and renewable energy. These partners will be responsible for achieving specific goals in their regions and must match grant funds with private sector contributions. The bill outlines a framework for certification, requiring partners to submit annual reports to the commission, which will report to the Governor and Legislature. The commission has the authority to modify or revoke a partner's participation if they fail to meet established goals, ensuring accountability and effective achievement of the partnership's objectives.