All Roll Calls
Yes: 100 • No: 14
New JerseyS3432220th Legislature (2024-2025)SenateWALLET
Establishes Next New Jersey Program for artificial intelligence investments.
Sponsored By: Robert J. Karabinchak (Democratic), Raj Mukherji (Democratic), William B. Sampson IV (Democratic), Troy Singleton (Democratic), Chris Tully (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
New Jersey caps and redirects business credits
The law caps combined tax credits across covered New Jersey incentive programs at $11.5 billion over nine years. Within that cap, $2.5 billion is reserved for transformative Aspire projects. Beginning in fiscal year 2025, up to $500 million annually is available for Next New Jersey artificial intelligence projects. These credits come from Aspire and Emerge allocations, excluding credits awarded for transformative projects.
Public gets details on credit sales
The New Jersey Economic Development Authority must post details of each approved Next New Jersey tax credit transfer online. These include who transferred and received the credit, its value, the State tax it can cover, and the price paid.
Tax credit buyers cannot resell credits
Buyers or other recipients of transferred Next New Jersey tax credit certificates cannot sell, assign, or transfer them again. This prevents anyone who acquires a transferred certificate from passing it to another holder.
Sponsors & Cosponsors
Sponsors
Robert J. Karabinchak
Democratic • House
Raj Mukherji
Democratic • Senate
William B. Sampson IV
Democratic • House
Troy Singleton
Democratic • Senate
Chris Tully
Democratic • House
Cosponsors
Atkins, Reginald W.
Affiliation unavailable
Angela V. McKnight
Democratic • Senate
Cody D. Miller
Democratic • House
Carol A. Murphy
Democratic • House
Shanique Speight
Democratic • House
Roll Call Votes
Senate vote • 6/28/2024
3RDG FINAL PASSAGE
Yes: 40 • No: 0
House vote • 6/28/2024
3RDG FINAL PASSAGE
Yes: 60 • No: 14
Actions Timeline
Approved by Governor — P.L.2024, c.49.
7/25/2024GovernorPassed Assembly, PBH — (60-14-0)
6/28/2024HouseSubstituted for A4558
6/28/2024HouseReceived in Assembly, Without Reference, 2nd Reading in Assembly
6/28/2024HousePassed Senate — (40-0)
6/28/2024SenateReported, 2nd Reading in Senate
6/26/2024SenateTRANS Senate Budget and Appropriations Committee
6/24/2024SenateIntroduced, 1st Reading in Senate, Referred to Senate Economic Growth Committee
6/10/2024Senate
Bill Text
Version PL2024
9/30/2024
Version AL2024
9/12/2024
7/10/24; as introduced
7/10/2024
As Introduced
7/1/2024
Senate Budget and Appropriations Substitute (6/26/24)
6/27/2024
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