Trenton, NJ - At the end of July, Governor Phil Murphy signed S3432, with first prime sponsors Senator Mukherji (D, LD32) and Assemblyman Tully (D, LD38), that will establish the Next New Jersey Program for artificial intelligence (AI) investments. The legislation enables the New Jersey Economic Development Authority (EDA) to provide tax credits to eligible AI businesses.
Companies will be considered eligible if at least 50% of its employees are focused on AI-related activities or at least 50% of the business’ revenue is generated from AI-related activities. The tax credit allowed for a project would be equal to the lesser of the product of 0.1% of the business’total capital investment multiplied by the number of new full-time jobs, 25% of the business’ total capital investment, or $250 million.
The establishment of the program follows the launch of a partnership between the State government and Princeton University to develop an AI Hub with the goal of catalyzing innovation within the field by bringing together industry, researchers and start-ups.
BioNJ was pleased to support the movement of this legislation and looks forward to continuing to work with policymakers to support the growth of this critical emerging component of the life sciences.
The establishment of the program follows the launch of a partnership between the State government and Princeton University to develop an AI Hub with the goal of catalyzing innovation within the field by bringing together industry, researchers and start-ups.
BioNJ was pleased to support the movement of this legislation and looks forward to continuing to work with policymakers to support the growth of this critical emerging component of the life sciences.
