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NJEDA outlines $500 million tax-credit plan and fellowships to boost AI ecosystem
Summary
NJEDA CEO Tim Sullivan told the Senate Legislative Oversight Committee the administration will use the Next New Jersey program to direct up to $500 million in tax credits toward AI-related capital and job-creating projects and will launch AI Innovation Fellows and preferential compute access to support startups.
Tim Sullivan, chief executive officer of the New Jersey Economic Development Authority, told the Senate Legislative Oversight Committee that the administration is positioning the state to compete in generative artificial intelligence through a mix of tax credits, fellowships and strategic centers.
"The governor just signed a piece of legislation that was passed, as part of the budget cycle. He signed it this summer, called the next New Jersey, program, which dedicates up to $500,000,000 of tax credits ... to support, the AI industry,"…
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