The New Jersey Economic Development Authority (NJEDA) has approved several initiatives to support the state’s economic growth, including tax credits for Sun Pharmaceutical Industries Inc.’s plan to open a new U.S. headquarters in Princeton, creating 220 new jobs and retaining hundreds of existing ones. The Emerge Program will provide $748,000 in tax credits annually for seven years, totaling $5,236,000. Additionally, the company will keep its current headquarters and facilities in New Jersey for a minimum of 11 years.
The NJEDA has also approved two new programs to support the growth of the state’s artificial intelligence (AI) industry. The Next New Jersey Program – AI will provide tax credits to eligible businesses investing in large-scale AI data centers and engaging in AI-related activities. The AI Innovation Challenge Administration Grant Program will provide $3.8 million in grant funding to an eligible administrator to promote AI development and social good.
Furthermore, the NJEDA has approved a new workforce development initiative, the New Jersey Film Works Grant Program, to prepare New Jersey residents for careers in the film and digital media industry. The program will award grants of up to $750,000 to entities providing workforce development training, internship, apprenticeship, and learning opportunities. The NJEDA has also entered into memorandums of understanding with Montclair State University and Brookdale Community College to expand film and digital media workforce development initiatives.
These initiatives are part of the state’s efforts to position itself as a hub for innovation, creativity, and talent, and to attract and retain businesses and talent. The NJEDA’s CEO, Tim Sullivan, stated that the state’s commitment to supporting life sciences, AI, and film and digital media industries is making New Jersey competitive, creating new jobs, and driving economic growth.