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Bill > A5168

NJ A5168

NJ A5168
Establishes task force to research and report on potential sources of funding for artificial intelligence initiatives and appropriate tax incentives to support businesses impacted by expansion of use of artificial intelligence.

summary

Introduced
01/14/2025
In Committee
01/14/2025
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill establishes an 11-member Artificial Intelligence Initiative Funding Task Force, in but not of, the Department of the Treasury. The task force is charged with researching and reporting on potential sources of public and private funding to support artificial intelligence initiatives in the State. The membership of the task force would include the State Treasurer, Commissioner of Labor and Workforce Development, Chief Executive Officer of the Economic Development Authority, Secretary of Higher Education, Executive Director of the New Jersey Commission on Science, Innovation, and Technology, and 6 public members, including two appointed by the Governor and four appointed by the Legislative leadership. The bill requires the task force to issue a report concerning potential sources of public and private funding to support artificial intelligence initiatives in the State. At a minimum the report would be required to include: a description of all current sources of public and private funding that may support artificial intelligence initiatives in New Jersey; recommendations regarding appropriate tax incentives to support the development and growth of business sectors and industries in the State most impacted by an expansion of the use of artificial intelligence; recommendations regarding how the State may leverage public-private partnerships and collaborations with public and private institutions of higher education to finance artificial intelligence initiatives; and recommendations regarding how the State can align funding for its artificial intelligence initiatives and programs with its workforce needs and economic growth goals. The task force report would be due no later than 12 months following its organization. The bill directs the report to be issued to the Governor and the Legislature and to be available to the public through the Department of the Treasury's Internet website. The bill provides that the task force would expire 30 days following the issuance of its report.

AI Summary

This bill establishes an 11-member Artificial Intelligence Initiative Funding Task Force within the New Jersey Department of the Treasury, tasked with researching and reporting on potential funding sources and strategies for artificial intelligence (AI) initiatives in the state. The task force will include key state officials such as the State Treasurer, Commissioner of Labor and Workforce Development, and leaders from economic and educational institutions, along with six public members appointed by various legislative leaders. The bill defines AI broadly, encompassing systems that can perform tasks with minimal human oversight, learn from experience, or mimic human-like cognitive processes. The task force's comprehensive report, due within 12 months of organization, will cover current public and private funding sources, recommended tax incentives for AI-impacted businesses, strategies for public-private partnerships, collaboration with higher education institutions, and methods to align AI initiatives with workforce and economic growth goals. Task force members will serve without compensation but will be reimbursed for expenses, and the group will dissolve 30 days after submitting its report to the Governor and Legislature. The bill aims to provide a strategic approach to supporting and developing AI initiatives in New Jersey by leveraging expertise from various sectors and identifying potential funding mechanisms.

Committee Categories

Business and Industry

Sponsors (2)

Last Action

Introduced, Referred to Assembly Science, Innovation and Technology Committee (on 01/14/2025)

bill text

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bill summary

Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/A5168
BillText https://pub.njleg.gov/Bills/2024/A5500/5168_I1.HTM
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