The N.J. Economic Development Authority is now accepting applications for the Next New Jersey Program – AI, a $500 million program that aims to drive economic growth, collaboration and the development of AI infrastructure across the state by providing tax credits to eligible businesses investing in large-scale AI data centers and companies engaging in AI-related activities.
For more information, and to apply, click here.
The program aims to build on Gov. Phil Murphy’s goal of establishing New Jersey as a leader in AI by encouraging private investment into the state’s AI sector.
The program will be open to businesses or divisions primarily engaged in the AI industry or the large-scale AI data center industry.
Businesses must commit to creating at least 100 new eligible full-time jobs and meet a minimum capital investment of $100 million to be eligible for tax credits. Additionally, the program requires that the business enter into a collaborative relationship with a New Jersey-based public or private research university, technology startup, incubator, accelerator or similar entity.
The tax credit award will be given out over five years and based on the lesser of three potential scenarios:
- 0.1% of the eligible business’s total capital investment multiplied by the number of new full-time jobs;
- 25% (Max Percentage) of the eligible business’s total capital investment;
- $250 million (Max Award).
Those who qualify could earn tax credits that will help them engage in building and fostering New Jersey’s fast-growing AI ecosystem.
