Mercer Times

Governor Phil Murphy has enacted legislation to stimulate investment in New Jersey's artificial intelligence (AI) sector. The new law, S3432/A4558, introduces the Next New Jersey Program, designed to attract investment and create jobs within the state's AI industry. This initiative aims to provide innovators and entrepreneurs with access to capital and necessary infrastructure, positioning New Jersey as a leader in AI development.

Governor Murphy stated, “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.” He emphasized that the program would support AI-related businesses potentially leading to scientific breakthroughs and economic growth.

The program will be managed by the New Jersey Economic Development Authority (NJEDA), which will offer tax credits to eligible businesses involved in AI work or operating large-scale data centers. Activities covered include developing algorithms like machine learning and natural language processing, creating AI-powered products for various sectors including medical modeling, and developing customer service chatbots.

NJEDA Chief Executive Officer Tim Sullivan commented on the initiative's potential impact: “Under Governor Murphy’s leadership, New Jersey has been making major investments in emerging industries... The Next New Jersey Program will build upon the Garden State’s longstanding legacy in innovation.”

A partnership announced last December between the Murphy Administration and Princeton University aims to develop an AI Hub. This hub is expected to foster collaboration among industry leaders, researchers, and startups while promoting workforce development for new AI technologies.

Additionally, Governor Murphy established an AI Task Force last fall tasked with examining emerging technologies' societal impacts. The state’s initiative leverages its strengths across health, sustainability, financial services, and technology sectors.

Senator Raj Mukherji remarked on the bill's significance: “Through job creation, catalyzing innovation... we are cementing New Jersey’s place at the forefront of technological advancement.” Assemblyman Chris Tully added that it positions New Jersey as a competitive leader in AI.

Brian Venturo from CoreWeave expressed enthusiasm about the state's direction: "The signing of this bill is definitive proof that New Jersey is open for AI business."