Vote Smart's Synopsis:

Vote to pass a bill that establishes the Next New Jersey Program for artificial intelligence investments.

Highlights:

• Defines "artificial intelligence" as software and hardware that does not need human intelligence to perform various tasks or input data (Sec. 1).

• Establishes the Next New Jersey Program with the intent to attract more investment in New Jersey and promote further innovation and economic opportunities through employment (Sec. 1).

• Authorizes the board to approve tax credits for any eligible businesses and chief executive officers that apply for the proposed tax credits (Sec. 1).

• Specifies that the minimum capital investment for an eligible business is $100,000,000 (Sec. 1).

• Requires project agreements to include detailed descriptions of the intentions of the project and the various jobs it will create as well as requirements for its location and tax credits eligible (Sec. 1).

• Specifies that the amount of tax credit taken is to be lesser than one or more of the following (Sec. 1).

• the product of 0.1% of total capital investment multiplied by the amount of full time jobs

• 25% of total capital investment

• An amount of $250,000,000 

• Requires eligible businesses in the program to compile annual reports and note any discrepancies that might be present in the report (Sec. 1).

• Prohibits the total value of tax credits from exceeding $2.5 billion in the New Jersey Aspire Program Act (Sec. 98).

• Authorizes the state to approve tax credits given in a year with help from an advisory board (Sec. 98).

Full Bill Text