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Find similar grantsAI Job Creation and Economic Development Fund Program is sponsored by New Jersey Economic Development Authority (NJEDA). This opportunity supports mission-aligned projects and measurable outcomes.
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Next New Jersey Program - AI - NJEDA NEXT NEW JERSEY PROGRAM – AI The Authority is temporarily pausing the acceptance of new applications while it conducts a review of the program. During this period, no new applications will be accepted. 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 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. AI business or a division must be primarily engaged in the artificial intelligence industry or the large-scale artificial intelligence data center industry. The NJEDA has adopted the following new rules to implement the provisions of the Next NJ Program -AI: Next New Jersey Program Act, P.
L. 2024, c. 49 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 company, incubator, accelerator 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 *** ***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 collecting, storing, and managing the vast amount of data needed to train and use AI models.
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 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 .
Capital investment minimum: $100,000,000 NEXT NJ Program–AI Project Cost Analysis 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 Frequently Asked questions NEXT NEW JERSEY PROGRAM-AI-AT-A-GLANCE Presentation slides LISTENING SESSION For more information or to ask a specific question, please send an email to nextnjai@ njeda.
gov and a team member will reach out to you.
According to the current listing, eligibility includes: AI businesses with headquarters or base of operations in New Jersey, owning or licensing protected intellectual property related to artificial intelligence, and employing highly educated or trained managers and workers …. Confirm the full requirements in the official notice before applying.
The current listing shows grants of up to $500,000 to AI businesses that seek to develop AI innovation hubs in the State; low-interest loans of up to $1 million to AI businesses that seek to establish, expand, or improve business operations in the State. Verify award ceilings, matching requirements, and allowable costs in the official notice.
AI Job Creation and Economic Development Fund Program is funded by New Jersey Economic Development Authority (NJEDA). Verify program details on the funder's official page before applying.
This opportunity targets applicants in New Jersey. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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