NJ S3432

Establishes the "Next New Jersey Program" offering tax credits to businesses primarily engaged in artificial intelligence or large-scale AI data centers that invest at least $100,000,000 and create at least 100 new full-time jobs in New Jersey

Tax credit amounts are calculated as the lesser of: 0.1% of capital investment multiplied by new full-time jobs, 25% of total capital investment, or $250,000,000 maximum, payable over a 5-year eligibility period

Eligible businesses must pay workers at least 120% of median county salary, provide health benefits, pay prevailing wages for construction and building services, and establish collaborative relationships with New Jersey universities or technology startups

Up to $500,000,000 in tax credits is allocated from the existing New Jersey Aspire and Emerge Program funding pools for the Next New Jersey Program, with applications accepted through March 1, 2029

Tax credits can be sold or assigned to other taxpayers for no less than 85% of their value, and businesses must maintain jobs and investment in New Jersey for a commitment period of at least twice the 5-year eligibility period or face recapture of credits