Governor Murphy Signs Legislation to Spur Investment in New Jersey’s AI Sector
ROSELAND – Governor Phil Murphy has signed A4558/S3432, establishing the Next New Jersey Program aimed at attracting investment into the state’s artificial intelligence (AI) industry. The initiative is expected to create new jobs and economic opportunities by providing tax credits to innovative AI companies.
“AI has already started to revolutionize our everyday lives, and New Jersey is capitalizing on this moment to ensure we establish ourselves as a frontrunner in generative AI innovation,” said Governor Murphy. “The creation of this program will support the growth of AI-related businesses, which could lead to scientific breakthroughs and lifesaving discoveries right in our backyard.”
The program will be administered by the New Jersey Economic Development Authority (NJEDA), which will award tax credits to eligible businesses engaged in AI work or large-scale data centers. Activities under this initiative include developing new algorithms, creating AI-powered software and hardware products, and developing customer service chatbots.
“Under Governor Murphy’s leadership, New Jersey has been making major investments in emerging industries to help create sustainable, long-term economic growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The Next New Jersey Program will build upon the Garden State’s longstanding legacy in innovation and drive the state’s prominence in the rapidly growing AI industry.”
Last December, a partnership between the Murphy Administration and Princeton University was announced to develop an AI Hub. This hub aims to advance research and development in AI technologies while promoting workforce development for new technology implementation.
Additionally, last fall saw the establishment of an AI Task Force by Governor Murphy. This task force is charged with studying emerging AI technologies and their societal impacts.
Senator Raj Mukherji and Assemblyman Chris Tully are prime sponsors of this bill. “From life-saving healthcare breakthroughs to traffic jams, artificial intelligence will touch every aspect of our daily lives,” said Senator Mukherji. “Through job creation, catalyzing innovation, and empowering our higher education institutions, we will see incredible return on our investment.”
“The Next New Jersey Program is a bold step forward in making our state a leading hub for the rapidly evolving AI industry,” added Assemblyman Tully.
Brian Venturo, co-founder and Chief Strategy Officer at CoreWeave remarked: “This not only reinforces New Jersey’s heritage as a state of innovators but also paves the way for significant advancements and opportunities in AI development.”
