PHILADELPHIA (KYW Newsradio) — New Jersey is trying to position itself as a national leader in artificial intelligence innovation. Gov. Phil Murphy on Thursday signed legislation to create the Next New Jersey Program, providing up to $500 million in tax credits to support the growth of AI-related businesses.
"We are making yet another historic investment into building the most competitive, diverse and inclusive innovation ecosystem in the entire nation," Murphy said. "This has been a top priority for our administration since Day One."
The New Jersey Economic Development Authority will administer the program, awarding tax credits to eligible businesses engaged in AI development work or large-scale AI data centers.
Murphy says the state has a responsibility to foster the growth of AI, both ambitiously and responsibly.
Last December, the governor announced a partnership with Princeton University to create a research and development hub, housing dedicated accelerator space to advance ethical AI for positive social impact.
Prior to that, Murphy established an AI Task Force to study emerging AI technologies and their societal effects.