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 the competitiveness of these businesses through advanced technologies, facilitating stakeholder interactions, providing access to capital, and offering training to attract federal investment. It also aims to develop resources for business incubation and support underrepresented AI technology businesses to promote diversity within the sector.

The commission will certify nonprofit organizations as partners, focusing on regional priorities related to AI technology, such as financial technology, healthcare, agriculture, and renewable energy. These partners will apply for grant funds to implement their projects and submit annual reports detailing their progress. A special non-lapsing account will be created to fund the partners, and the commission can seek assistance from other state agencies to achieve the partnership's objectives. The bill also allows the commission to modify or revoke a partner's participation if they do not meet established goals, ensuring accountability and transparency in the partnership and grant processes.