Bill > S3432

This bill establishes the "Next New Jersey Program" under the jurisdiction of the New Jersey Economic Development Authority (NJEDA) to attract new investment and create new jobs and economic opportunities in the artificial intelligence (AI) industry and large-scale AI data center industry in New Jersey. The key provisions of the bill include: - Defining eligibility requirements for businesses to receive tax credits, including a minimum $100 million capital investment and 100 new full-time jobs, as well as requirements related to AI activities, environmental standards, and prevailing wage compliance. - Establishing a process for businesses to apply for and receive tax credits, including an annual reporting requirement to demonstrate continued compliance. - Allowing eligible businesses to transfer or sell their tax credit certificates to other entities with tax liabilities in New Jersey. - Placing the new program under the overall $11.5 billion cap on tax credits awarded under various economic development programs in New Jersey, with specific annual allocations and geographic distribution requirements. - Authorizing the NJEDA to adopt rules and regulations to quickly implement the program.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S3432