NEXT NEW JERSEY PROGRAM – AI

Open in new Tab NEXT NEW JERSEY PROGRAM – AI APPLY HERE Program Information AMOUNT The tax credit amount to an eligible business is calculated based on the lesser of: • 0.1 percent of the eligible business’s total capital investment multiplied by the number of new full-time jobs; or • 25 percent of the eligible business’s total capital investment; or • $250 million. BENEFITS The Next NJ Program – AI provides tax credits to eligible businesses to offset against their state tax liability and for companies to engage in building and fostering New Jersey’s fast-growing AI ecosystem. Additionally, these tax credits are transferable under the program. ELIGIBILITY AI business or a division must be primarily engaged in the artificial intelligence industry or the large-scale artificial intelligence data center industry. PROGRAM RULES ELIGIBILITY AWARD SIZE CALCULATOR FEES FORMS PROGRAM RULES The NJEDA has adopted the following new rules to implement the provisions of the Next NJ Program -AI: Next New Jersey Program Act, 2024, c. 49 ELIGIBILITY AI business or a division must be primarily engaged in the artificial intelligence industry or the large-scale artificial intelligence data center industry. To be eligible for the Next NJ Program-AI support, a project must: Meet minimum job creation requirements: 100 new full-time jobs in  New Jersey Each job must be paid at least 120% of the county median salary Minimum Capital Investment: $100 million at the qualified business facility (including multiple locations) Collaboration: the business will enter into a collaborative relationship, evidenced by the provision of price concessions, artificial intelligence support services, or other measures determined appropriate by the Authority, with a New Jersey-based public or private research university or technology startup or both. More than 50% of the business’s or division’s employees are engaged in AI-related activities, or More than 50% of the business’s or division’s revenue is generated from AI-related activities, or Both of the above. *** ***AI-related activities include but are not limited to: Developing new AI algorithms and techniques, such as machine learning, natural language processing, and computer vision; creating AI-powered software and hardware products for various applications; medical AI modelling or programing; development of AI chatbots for customer service; AI development for vehicles, and managing the vast amount of data needed to train and use AI models. AWARD SIZE Awards Calculation Tax credit award per business is based on the lesser of: 0.1% of the eligible business’s total capital investment multiplied by the number of new full-time jobs; or 25% (Max Percentage) of the eligible business’s total capital investment; or $250 million (Max Award) Awarded tax credits are disbursed over five years. The example of 500 New Jobs is illustrative, based on the maximum cap of $250,000,000. Enter your values to calculate the eligible amount. The award amount will be determined by the  lesser  of the following three options: Option 1:  Multiply  0.1%  by the capital investment, then multiply that result by the total number of jobs, or Option 2:  Take  25%  of the capital investment, or Option 3:  The program is cap of  $250 million . Job minimum: 100 Capital investment minimum: $100,000,000 FEES NEXT NJ Program–AI Employee Log NEXT NJ Program–AI Project Cost Analysis CEO Certification APPLY HERE PRESS RELEASE: Legislation to Spur Investment in New Jersey’s AI Sector NEXT NEW JERSEY BILL — SIGNED JULY 25TH, 2024 BOARD MEMO Program rules APPLICATION WALKTHROUGH Sample Application Frequently Asked questions NEXT NEW JERSEY PROGRAM-AI-AT-A-GLANCE Presentation slides LISTENING SESSION Watch | Slide Deck Green building guidance QUESTIONS