Applications are now open for the New Jersey Economic Development Authority's (NJEDA) Next New Jersey Program – AI. This initiative aims to stimulate economic growth, foster collaboration, and develop AI infrastructure across New Jersey by offering tax credits to eligible businesses investing in large-scale AI data centers and engaging in AI-related activities.
The program has allocated $500 million to provide these tax credits, supporting Governor Phil Murphy's goal of positioning New Jersey as a leader in artificial intelligence. The initiative encourages private investment in the state's burgeoning AI sector.
Eligibility for the program is extended to businesses or divisions primarily involved in the AI industry or large-scale AI data center operations. To qualify for tax credits, companies must commit to creating at least 100 new full-time jobs and meet a minimum capital investment of $100 million. Furthermore, participants must establish a collaborative relationship with a New Jersey-based public or private research university, technology startup, incubator, accelerator, or similar entity.
